ADB, US to invest in dam construction, renovation

Published: April 24, 2012

Finance Minister Dr Abdul Hafeez Shaikh in a meeting with Asian Development Bank President Haruhiko Kurado in Washington. PHOTO: PPI

WASHINGTON: Finance Minister Dr Hafeez Shaikh has affirmed that the Asian Development Bank and the United States will invest in the Diamer-Bhasha Dam project in Pakistan.

“We have asked ADB to send an assessment team to Pakistan soon,” he told a news conference at Pakistan’s Embassy in Washington. He added that the US has also agreed to invest in the renovation of Mangla Dam and the construction of Kurram-Tangi Dam.

The US has notified the Congress that it will spend $223 million on the projects, he said.

Dr Shaikh is wrapping up his week-long trip to Washington, where he attended the IMF-World Bank Spring Meetings 2012 along with his finance team.

He said the International Finance Corporation, which is part of the World Bank, would invest $1 billion in various industries in Pakistan’s private sector, including energy and finance.

Dr Shaikh said the ADB had increased its spending on Pakistan from $1.6 to $1.8 billion and that Britain had announced that Pakistan would be its biggest recipient of aid.

“Britain will spend over $2.25 billion over the next four years, primarily in the field of education,” he added.

While the finance minister highlighted the increasing number of remittances, a higher growth rate and growing exports as signs of progress in Pakistan’s economy, he said that rising oil prices may affect Pakistani exports in the future. He added that worsening market conditions in Europe would also have an impact on Pakistan.

Published in The Express Tribune, April 24th, 2012.

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Reader Comments (2)

  • Meekal Ahmed
    Apr 25, 2012 - 12:49AM

    Growing exports? Why is he talking about the last financial year which ended in June 2011?


  • Ali
    Apr 25, 2012 - 2:40AM

    Here’s a novel idea: Why don’t we tax our rich elite who siphon off much of the wealth of the country and send it to Swiss bank accounts. Our own president has become a hero for democracy for having 60 million dollars, most likely the proceeds of corruption in off shore tax havens.
    Why don’t we tax the feudal elites that live off the fat of the land and invest it in education and dams to store drinking water instead off begging in Washington?
    Revolutionary? No just common sense.


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