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ADB to provide Pakistan concessional loan worth $15m

ADB to provide Pakistan concessional loan worth $15m

ISLAMABAD: Asian Development Bank (ADB) will provide Pakistan a concessional loan worth 15 million dollars for urban development projects in Punjab.

A signing ceremony to this effect was held in which Secretary, Economic Affairs Division Dr. Syed Pervaiz Abbas and Country Director, ADB Ms. Xiaohong Yang inked the document.

They expressed their strong commitment to further the cooperation for socio-economic development of Pakistan.

The concessional loan is a Project Readiness Financing Facility for engineering and designing urban development projects in seven major cities across the province, as identified by the provincial government.

The provincial Local Government & Community Development Department is the Executing Agency for the subject project which is expected to be completed by 31st October, 2022.

The PRF shall prepare readiness for ensuing projects across seven major cities in Punjab province including Bahawalpur, Dera Ghazi Khan, Multan, Muzaffargarh, Rahim Yar Khan, Rawalpindi, and Sargodha.