Pakistan and ADB sign financing agreements for $1.54b

Author: Web Desk

ISLAMABAD: Pakistan inked six agreements with the Asian Development Bank (ADB) on Wednesday to secure $1.54 billion in financing.

The agreements were signed in the presence of Minister for Economic Affairs Omar Ayub Khan by the secretary of the Economic Affairs Division and the country director of the ADB.

Under the agreements, $300 million would be provided for reforms in the energy sector, $385 million for improvement of infrastructure in five cities of the Khyber Pakhtunkhwa (KP) province, and Rs235 million for the construction of the 222-kilometre Shikarpur-Rajanpur Indus Highway.

The ABD would further provide $603 million for the expansion of the Ehsaas program. It will further provide financing of $5 million for Kurram Tangi projects and $15 million for KP cities.

Under the $385 million financing for five KP cities, the ADB previously shared that the financing would help improve livability and community health in the cities.

According to an ADB press statement, the cities include Abbottabad, Kohat, Mardan, Mingora, and Peshawar.

This project will help to improve access to clean and safe water, reliable and integrated waste management and sanitation services, green urban spaces, and gender-friendly urban facilities.

“More than 3.5 million people will benefit from improved access to clean and safe water, reliable and integrated waste management and sanitation services, green urban spaces, and gender-friendly urban facilities,” read the ADB statement.

“Under the Integrated Social Protection Development Program, the ADB will provide a regular loan of $600 million and a $3 million grant from the Asian Development Fund, and will administer a $24 million grant from the Education Above All Foundation,” according to a statement from the Asian Development Bank.