Pakistan inks loan agreements worth USD 1.535 bn with Asian Development Bank

Pakistan's government and the Asian Development Bank (ADB) have signed six financial loan agreements worth USD 1.543 billion to help finance projects related to roads, energy, urban infrastructures and others, a media report said.

Mian Asad Hayaud Din, Pakistan's Economic Affairs Division Secretary, Yong Ye, ADB's country's director signed the agreements in Islamabad on Wednesday.

The agreement includes the USD 300 million policy-based loans to support financial, technical and governance reforms to strengthen the country's energy sector, USD 385mn to improve urban infrastructure in five cities of Khyber Pakhtunkhwa.

The deal also includes USD 235mn to dualise a 222-km Shikarpur-Rajanpur section of the Indus Highway and USD 603mn to strengthen and expand the Ehsaas programme.

Projects related to the energy sector, urban infrastructure, social protection, roads and water resources will be financed with this agreement, Pakistan's Ministry of Economic Affairs in a statement.

Ayub Khan, Pakistan's Minister for Economic Affairs Omar Ayub Khan witnessed the signing of the agreement and "expressed deep appreciation" to the ADB.

The USD 385mn urban infrastructure project would help the provincial and city governments in Khyber Pakhtunkhwa, said the Minister, adding that the agreement would also improve the liveability of some cities and benefit 3.5mn people.

( With inputs from ANI )