Adnan Faruqi
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Asian Development Bank issues a grant of $513 million to Pakistan for development projects
Asian Development Bank issues a grant of $513 million to Pakistan for development projects
Wednesday, January 18, 2012: Pakistan has signed two exclusive agreements with Asian Development Bank (ADB) according to which the country will receive a grant of $513 million for the purpose of building a new barrage and improving the deteriorating transmission systems.
Abdul Wajid Rana, Secretary Economic Affairs, and Werner Liepach, ADBs Country Director to Pakistan, took part in signing of the agreements.
Rana speaking to media personnel said, The ADB would provide a soft loan of $270 million for building new Khanki Barrage and $243 million for improving the countrys power transmission systems on terms of London Interbank Offered rates. The energy sector project will cover the main cities and also link cities in Punjab and Sindh.
Liepach also emphasized on the importance of the pact for Pakistan. The ADBs Country Director to Pakistan said, The projects are absolutely crucial for Pakistans economy and it is not every day the ADB signs over half a billion dollar agreements.
Liepach further said, The ADBs executive board is only approving those projects which are ready for implementations in a bid to save commitment charges that Islamabad has to pay if the approved amount remains unutilised.
The pact would largely relieve market pressure as finding loans for Pakistan has become a big issue, lately, due to deteriorating relations with the US and deferment of budgetary support by the international lenders.
Out of the $513 million that Pakistan would receive, $270 million would be allocated as tranche-II of the Punjab Irrigated Agriculture Investment Programme having total estimated cost of $900 million. The remaining, $243.3 million is the third tranche of the Power Transmission Enhancement Programme, which has a total cost of $810 million
The Agriculture Investment Programme includes building of new Khanki Barrage on River Chenab in central Punjab. About 568,000 farming families (two million people approx.) are expected to gain from the project.
On the other hand, the power projects will be completed by June 2016 which will supplement the network and increase the overall energy efficiency in Pakistan.
Asian Development Bank issues a grant of $513 million to Pakistan for development projects | NewsPakistan.PK
Asian Development Bank issues a grant of $513 million to Pakistan for development projects
Wednesday, January 18, 2012: Pakistan has signed two exclusive agreements with Asian Development Bank (ADB) according to which the country will receive a grant of $513 million for the purpose of building a new barrage and improving the deteriorating transmission systems.
Abdul Wajid Rana, Secretary Economic Affairs, and Werner Liepach, ADBs Country Director to Pakistan, took part in signing of the agreements.
Rana speaking to media personnel said, The ADB would provide a soft loan of $270 million for building new Khanki Barrage and $243 million for improving the countrys power transmission systems on terms of London Interbank Offered rates. The energy sector project will cover the main cities and also link cities in Punjab and Sindh.
Liepach also emphasized on the importance of the pact for Pakistan. The ADBs Country Director to Pakistan said, The projects are absolutely crucial for Pakistans economy and it is not every day the ADB signs over half a billion dollar agreements.
Liepach further said, The ADBs executive board is only approving those projects which are ready for implementations in a bid to save commitment charges that Islamabad has to pay if the approved amount remains unutilised.
The pact would largely relieve market pressure as finding loans for Pakistan has become a big issue, lately, due to deteriorating relations with the US and deferment of budgetary support by the international lenders.
Out of the $513 million that Pakistan would receive, $270 million would be allocated as tranche-II of the Punjab Irrigated Agriculture Investment Programme having total estimated cost of $900 million. The remaining, $243.3 million is the third tranche of the Power Transmission Enhancement Programme, which has a total cost of $810 million
The Agriculture Investment Programme includes building of new Khanki Barrage on River Chenab in central Punjab. About 568,000 farming families (two million people approx.) are expected to gain from the project.
On the other hand, the power projects will be completed by June 2016 which will supplement the network and increase the overall energy efficiency in Pakistan.
Asian Development Bank issues a grant of $513 million to Pakistan for development projects | NewsPakistan.PK
