ADB greenlights $659 million loan for three projects in
Pakistan
The Asian Development Bank (ADB) has granted approval for a $659
million loan to Pakistan, earmarked for three distinct projects. The funds are
intended to contribute to sustainable economic development, focusing on
building local resources and reconstructing schools damaged by last year's
floods.
The ADB emphasizes that these funds will not only aid in the
recovery from recent devastating floods but also bolster agricultural
production to achieve food security. The overarching goal is to improve
Pakistan's economic situation and enhance the quality of life for its citizens.
Asian
Development Bank signs grant agreement with Pakistan
Out of the total loan, $300 million is allocated for policy
reforms aimed at increasing local resources. Additionally, $275 million is
designated for the Secondary Education Improvement Project in Sindh, which is
part of a larger $1.5 billion initiative for flood rehabilitation.
The ADB outlines plans to reconstruct 1,600 schools that
were destroyed by the floods. An additional technical grant of $800,000 will be
provided for project monitoring purposes.
In a broader context, the program seeks to enhance tax
administration, improve expenditure management, and promote investment.
ADB
pledges $1.55 billion to Pakistan as resilience support
Earlier, the ADB had approved a separate $180 million loan
for water supply and solid waste management services in Punjab. The project,
benefiting 1.5 million people in Punjab, includes the expansion and
modernization of the Rawalpindi Urban Water Supply and improvements to the
solid waste management system in Bahawalpur.
The implementation of this project is expected to enhance
municipal services in both Bahawalpur and Rawalpindi, with the construction of
a water treatment plant in Rawalpindi with a capacity of 54 million liters per
day.
Source: Samaa TV