ISLAMABAD: Pakistan and the Asian Development Bank (ADB) signed on Friday agreements for three major development initiatives to support priority needs in connectivity, urban transport, and the water sector.
These included the Project Readiness Financing for Karachi-Rohri Section of Main Line-I, Project Readiness Financing (ML-I PRF) amounting to $10 million, for the Quetta Bus Rapid Transit (Quetta BRT PRF) $3.8 million, and Balochistan Water Resources Development Sector Project– Additional Financing amounting to $48 million.
Secretary, Ministry of Economic Affairs expressed appreciation for ADB’s role as a trusted development partner, and its continued support to Pakistan to complement the development agenda of the country, said a press release issued by the ministry.
ADB approves $48mn financing for water resources development in Balochistan
The secretary appreciated ADB’s support to these critical projects, which would significantly contribute to Pakistan’s long-term and sustainable economic growth, address the vital urban infrastructure needs of Quetta city, and enhance agricultural productivity in Balochistan Province.
He acknowledged the efforts of the Ministry of Railways, and the government of Balochistan, and urged timely and effective utilisation of the financing to ensure successful implementation.
Country Director ADB, Ms Emma Fan expressed appreciation for the government of Pakistan’s strong commitment to these projects.
MoF signs 1bn loan facility backed by ADB guarantee
She highlighted the importance of the two projects for Balochistan and noted the Railways Improvement Project PRF as a key step toward railways modernisation.
She also reaffirmed ADB’s continued commitment to working closely with the Ministry of Economic Affairs and other stakeholders to ensure its support remains aligned with Pakistan’s development priorities.
American Dollar Exchange Rate