The Asian Development Bank (ADB) committed $3.32 billion in 2021 to help Pakistan tackle the immediate effects of the coronavirus disease (COVID-19) pandemic and promote a green recovery.
The commitment made by the Bank in 2021 includes loans and guarantees, grants, equity investments, and technical assistance provided to governments and the private sector. In addition, ADB also mobilized $2.019 billion in co-financing.
According to a report issued by the ADB, $300 million were committed for Balakot Hydropower Development, $372 million for Khyber Pakhtunkhwa Cities Improvement, and $5 million were committed for Preparing Kurram Tangi Integrated Water Resources Development Project.
In addition to reducing dependence on fossil fuels and increasing energy security, the 300-megawatt, run-of-river hydropower plant in Balakot, Khyber Pakhtunkhwa Province, will boost economic activity and create jobs for local communities.
During construction, more than 1,200 workers will be hired and at least 500 community members, including many women, will benefit from skills development programs.
Furthermore, the ADB also committed $600 million for Pakistan’s Integrated Social Protection Development Program and $235 million for the Central Asia Regional Economic Cooperation Corridor Development Investment Program – Tranche 2. ADB provided the loan to strengthen and expand social protection programs in Pakistan.
The project includes measures to boost access to secondary education for children and adolescents of poor families, especially girls. It will also enhance access to health services and nutrition supplies for impoverished mothers and children in 22 districts. —APP