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Pakistan : ADB, Pakistan sign $435 million loan deals
Publish Date : 15-Sep-2017
Pakistan has inked with the Asian Development Bank (ADB) two loan deals worth $435 million to support the countrys efforts to develop modern transport infrastructure and generate an environment for participation of the private sector in infrastructure schemes.
The loan agreement signing is expected to remove irritants in completing other procedural formalities for the construction of a Bus Rapid Transport (BRT) system in Khyber-Pakhtunkhwa and making policies for the participation of private sector in infrastructure projects in Sindh.
The ADB has sanctioned a loan of $335 million to help develop the BRT system in Peshawar.
The Manila-based bank also offered $100 million for the Public Private Partnership Investment programme in Sindh.
ADBs Country Director for Pakistan Xiaohong Yang and Economic Affairs Division (EAD) Secretary Shahid Mahmood inked both the loan deals in Islamabad. Finance Minister Ishaq Dar was present at the signing ceremony.
Miss Yang said after the ceremony Peshawars booming population has been causing tremendous traffic congestion and pressure on its public transport infrastructure and basic urban services, negatively impacting its economic growth.The BRT corridor will improve the quality of life of the citys residents by offering safer, efficient, and affordable public transportation. The modern technology used in the project will also cut emissions, and make commuting easier and safer for women, besides attracting businesses and investors to the city.
