Pakistan, ADB sign agreements worth $1.54b for diverse sectors

Pakistan, ADB sign agreements worth $1.54b for diverse sectors

Islamabad (Web Desk): Pakistan and Asian Development Bank (ADB) on Wednesday signed six financing agreements worth $1.543 billion for energy sector reforms, social protection, urban infrastructure, road sector and water resources.

As per the details, Secretary Economic Affairs Division Mian Asad Hayaud Din from Pakistan and ADB Country Director Yong Ye signed the agreements at a ceremony in the federal capital.

Minister for Economic Affairs Omar Ayub Khan also witnessed the signing ceremony, the Radio Pakistan reported.

These agreements include $300 million policy-based loan to support financial, technical and governance reforms to strengthen Pakistan's energy sector; $385 million financing agreement to improve urban infrastructure in five cities of Khyber Pakhtunkhwa (KP), $235 million project loan to dualization of 222-kilomater Shikarpur-Rajanpur Section of Indus Highway and $603 million results-based lending programme to strengthen and expand Ehsaas Programme.

Two project readiness facilities for preparing Kurram Tangi Integrated Water Resources Development Project of worth $5 million and Khyber Pakhtunkhwa Cities Improvement Investment Project Phase-II costing $15 million were also signed.

Minister for Economic Affairs expressed his deep appreciation and thanked the President, Senior Management and Board of Directors of ADP for their continued and enhanced financial support towards reforming energy sector, improving road networks, enhancing social protection and developing sustainable cities in Pakistan.

On this occasion, Vice President ADB Shixin Chen said that despite a challenging situation caused by the COVID-19 pandemic, Pakistan continues to make progress in implementing comprehensive economic, fiscal and structural reforms.

He appreciated the mass vaccination programme for controlling the spread of COVID-19 for which ADB also provided $500 million to Pakistan.

Director General ADB Eugene Zhukov assured that that ADB will continue to support the government's development priorities and stands committed to support Pakistan for a green, resilient and sustainable recovery.