PESHAWAR: The Khyber Pakhtunkhwa (KP) government has decided to borrow $500 million from the Asian Development Bank (ADB) for the second phase of urban development projects in the province.
The KP government has formed a special committee headed by the Additional Chief Secretary to identify the development projects for the second phase of the urban development project. The official sources said that the provincial government will seek a loan from ADB to cover the cost of these projects.
KP had already announced to borrow more than $600 million for urban development projects in Peshawar, Mardan, Kohat, Abbottabad, Swat, DI Khan and Bannu but now it has decided to borrow another $500 million for the second phase of the project.
The Environmental Protection Agency (EPA) Director-General, Water and Sanitation services Companies Chief Executive Officers, Urban Mobility Authority Managing Director, International Development Chief and Physical Planning and Housing Chief are the members of the committee.
The committee will also propose an annual plan and hold a quarterly meeting to determine the timing of the project’s completion.
According to sources, the KP government has borrowed more than Rs300 billion from ADB and other international financial institutions in the last seven-year.
Its repayment will start in 2024. The project for which the loan was obtained also includes the BRT project, power projects and projects recently launched for urban development.
