Pakistan and Asian Development Bank (ADB) on Saturday signed two financing agreements amount of USD 359 million for Karachi BRT project (Red Line), education system in Sindh province and others.
Minister for Economic Affairs , Makhdum Khusro Bakhtyar has witnessed the signing of two project agreements amounting to USD 359 million between the Government of Pakistan and the Asian Development Bank at Ministry of Economic Affairs.
Noor Ahmed, Secretary, Economic Affairs Division and Xiaohong Yang, Country Director, Asian Development Bank (ADB) signed a financing agreement of USD$ 284 million for Karachi BRT Project (Red Line). ADB has committed to provide USD 235 million as loan while Green Climate Fund (GCF) will provide US$ 37.2 million as loan and US$ 11.8 million as grant for this project, said a press release issued by ADB here.
Karachi is Pakistan’s largest city and the country’s primary financial and economic hub. Under this financing agreement, the Government of Sindh will prioritize inclusive and sustainable growth by improving the quality of life for its citizens.
The main objectives of the project are to reduce overall traffic volume on the roads, thereby saving vehicle operating costs; improve the overall quality of air through reduced carbon emissions; and an innovative waste-to-fuel scheme for bettering public health and mitigating the effects of climate change on citizens.
Economic Affairs Division and Asian Development Bank (ADB) also signed a loan agreement of USD$ 75 million for “Sindh Secondary Education Improvement Project.” Under this financing agreement, school infrastructure, institutional capacity building and reforms in the secondary education in the Province of Sindh will be strengthened.
The project will be implemented by Education & Literacy Department, Government of Sindh, to construct new secondary school blocks in 10 districts across southern Sindh and improve the teaching capacity of instructors in five (5) key subjects i.e. English, Mathematics, Biology, Chemistry and Physics).
The project is aligned with, and will support the implementation of the Sindh Education Sector Plan (2019 – 2023).
Minister for Economic Affairs ,Makhdum Khusro Bakhtyar expressed his deep appreciation and thanked the Asian Development Bank for their financial support towards improving urban transport, traffic management and access to secondary education in Pakistan.
The Minister reiterated the government’s commitment to work tirelessly towards achieving sustainable cities and communities, in line with the Sustainable Development Goals and highlighted the importance of promoting secondary education, especially for girls.
It reflects the federal government’s strong commitment to support all the provinces for achieving inclusive growth and sustainable development, he added.
Xiaohong Yang, Country Director stated that ADB is one of the leading development partners of Pakistan. ADB is providing its support to Pakistan for policy reforms and project financing in the key priority areas. ADB financial support will strengthen Pakistan’s economy and reduce the risk of external economic shocks, she added.