Pakistan and Asian Development Bank sign US$61.8 million to agreement for development
projects
Pakistan and the Asian
Development Bank (ADB) have signed agreements totaling US$61.8 million for
three major development initiatives aimed at addressing critical needs in
connectivity, urban transport, and water resources.
The signed agreements include:
·
Project Readiness
Financing (PRF) for the Karachi-Rohri section of Main Line-I,
amounting to USD 10 million.
·
Project
Readiness Financing (PRF) for the Quetta Bus Rapid Transit (BRT)
project, valued at USD 3.8 million.
·
Additional
Financing for the Balochistan Water Resources Development Sector
Project, totaling USD 48 million.
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emerges as the fifth largest beneficiary of ADB loans and grants
The agreements were finalized on Friday, with
Pakistan's Secretary of the Ministry of
Economic Affairs expressing gratitude to the ADB for its continued
partnership and support for Pakistan's development goals. He emphasized that
these initiatives would help address critical infrastructure gaps and promote
long-term, sustainable economic growth.
In particular, the Secretary praised ADB’s
involvement in these projects, which will enhance urban transport
infrastructure in Quetta, boost agricultural productivity in Balochistan, and
improve rail connectivity along the Karachi-Rohri section of Main Line-I.
The Ministry of Economic Affairs also
acknowledged the efforts of the Ministry of Railways and the Balochistan
provincial government, urging the timely and efficient use of the funds to
ensure the successful implementation of these projects.
Ms. Emma Fan, ADB’s Country Director for Pakistan, commended the Pakistani government’s strong commitment to these initiatives and underlined the importance of the Balochistan projects, which will help improve transport infrastructure in the region. She also noted the Karachi-Rohri section as a significant step in modernizing the country’s railways.
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announces $3m emergency grant for Pakistan flood relief
ADB reaffirmed its ongoing support for Pakistan's development priorities, with continued collaboration between the bank, the Ministry of Economic Affairs, and other stakeholders to ensure the successful implementation of these vital projects.
Source: APP