The Asian Development Bank (ADB) on Monday has signed an agreement with Pakistan for a loan worth $1.3 billion, the country’s economy minister said. 

Under the agreement, the bank will provide the loan to help stabilize the foreign exchange reserves of the country, Hammad Azhar tweeted after the signing ceremony.

“Economic Affairs Division and ADB have signed policy-based loans of USD 1.3 Bn today. The sums will be disbursed today and will help bolster reserves and strengthen our economic outlook,” Azhar said.

On Friday, the bank said in a statement that the bank has approved a $300 million policy-based

Read more: Asian Development Bank approves $1.3B loan for Pakistan