Pakistan, Asian Development Bank sign $1.5 billion agreements for various projects

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ISLAMABAD – Pakistan and Asian Development Bank (ADB) have signed six financing agreements worth $1.543 billion for energy sector reforms, social protection, urban infrastructure, road sector and water resources.

Secretary Economic Affairs Division Mian Asad Hayaud Din from Pakistan and Country Director Asian Development Bank Yong Ye signed the agreements at a ceremony in Islamabad today (Wednesday). Minister for Economic Affairs Omar Ayub Khan also witnessed the signing ceremony.

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

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

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

Vice President ADB Shixin Chen, on the occasion, 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 program for controlling the spread of COVID-19 for which ADB also provided 500 million dollars 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.

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