ADB to Provide USD 1.543bn for Socio-Economic Uplift of Pakistan

Pakistan has signed six financing agreements with the Asian Development Bank (ADB) whereby the bank will provide USD 1.543 billion for the improvement of Transport, Irrigation, and Urban Infrastructure. Under the agreements reached between the Economic Affairs Division of Pakistan (EAD) and ADB, the bank will provide USD 300 million for the energy sector, USD 235 million for road infrastructure, USD 650 million for improving the infrastructure of five KP districts, and USD 603 million for the ongoing social protection programs. Federal Minister for Economic Affairs Omer Ayub Khan witnessed the signing of the agreements. Previously the ADB Approved 387 million USD For Infrastructure Development In KPK.

Speaking about the financing of the Asian Development Bank for the Social And Economic Uplift Of Pakistan the vice president of ADB said that over the past few years the country has made tremendous advancement in the socio-economic sector despite there being a serious issue owing to covid-19. Yong Ye, the Country Director ADB said that the financial support offered by the ADB would strengthen the economy of Pakistan. He said, “The projects signed today mark ADB’s strong commitment for Pakistan’s post-pandemic recovery and sustainable development. Pakistan and ADB will continue working together to improve economic management, build resilience, boost competitiveness, and private sector development.”

Federal Minister Omer Ayub Khan highly appreciated the senior management and board of Directors of Asian Development Bank for their support to improve the road infrastructure, energy sector, social protection, and living standards. He said that the USD 650 support for the improvement of liveability in five cities namely Abbottabad, Kohat, Mardan, Mangora, and Peshawer in the form of water supply, solid waste management, and sewerage will assist a great deal in the social uplift of the cities. He added that the project would also provide support in services delivery and performance of municipal companies besides assisting in realizing PM’s vision of clean and green Pakistan.