ISLAMABAD
The government has signed an agreement with Asian Development Bank (ADB) for a $ 435 million loan for two important projects. The loan agreement signing ceremony was held at the Ministry of Finance on Tuesday. Minister for Finance, Revenue & Economic Affairs Ishaq Dar witnessed a loan and grant signing ceremony.
According to officials at the ministry, under the agreements signed, ADB will provide loans of $ 335 million for the Peshawar Bus Rapid Transit Corridor Project and $ 100 million for supporting Public-Private Partnership Investments in Sindh Province.
A grant agreement was also signed with ADB for Supporting Public-Private Partnership Investments in Sindh Project for which Department for International Development (DFID), UK will provide $ 19.23 million.
The loan agreements were signed by Economic Affairs Division (EAD) Secretary Shahid Mahmood and, ADB Country Director Xiaohong Yang, while the project agreements were signed by representatives of the government of Khyber Pakhtunkhwa and government of Sindh, with ADB. Senior officials of Ministry of Finance, EAD, ADB and DFID were present during the ceremony.
Welcoming the signing of agreements, the finance minister thanked the ADB and DFID for providing vital support to Pakistan, particularly for the road and energy sectors. He reaffirmed the commitment of the government to further improve the physical infrastructure of the country, including by leveraging private capital to augment infrastructure investments. He expressed the hope that the people of Khyber Pakhtunkhwa and Sindh would benefit greatly from these projects envisaged under the signed agreements.
He said that the Peshawar Bus Rapid Transit Corridor Project entails construction of a 26-kilometer corridor and associated facilities, which will benefit 500,000 people. He also stated that Supporting Public-Private Partnership Investments in Sindh Province Project will help in developing policies of the government of Sindh for sustainable infrastructure provision through Public-Private Partnerships.
Country director ADB assured the government of Pakistan of ADB’s support and appreciated the government’s efforts to improve the economy and boost development in Pakistan. She said that the Peshawar Bus Rapid Transit Corridor Project will provide safer, more efficient, and comfortable transportation options for the people in Peshawar. She highlighted that the Supporting Public-Private Partnership Investments in Sindh Province Project will help to mobilise more financial resources from the private sector, create jobs and generate income which will further improve the overall economic growth.
