ISLAMABAD: Asian Development Bank (ADB) will provide Pakistan with a concessional loan worth $15 million for urban development projects in Punjab.
A signing ceremony to this effect was held in Islamabad wherein Economic Affairs Division Secretary Dr Syed Pervaiz Abbas and ADB Country Director Xiaohong Yang inked the document.
Both sides expressed their strong commitment to further the cooperation for socio-economic development in Pakistan.
The concessional loan is a ‘Project Readiness Financing Facility’ for engineering and designing urban development projects in seven major cities across the province, as identified by the provincial government.
The provincial Local Government and Community Development Department is the executing agency for the subject project which is expected to be completed by October 31, 2022.
The PRF shall prepare readiness to ensue projects across seven major cities including Bahawalpur, Dera Ghazi Khan, Multan, Muzaffargarh, Rahim Yar Khan, Rawalpindi, and Sargodha.
