ADB to provide Pakistan $1.2 billion annually for infrastructure development

Majority of the assistance will be earmarked for improvement in power, transport and agriculture sectors

The Asian Development Bank (ADB) has agreed to provide an assistance package to Pakistan worth about $1.2 billion for infrastructure development and institutional reforms, Radio Pakistan reported.

According to the bank's new five year partnership strategy, majority of the assistance will be earmarked for improvement in power, transport, agriculture and urban services sectors.

Read: Asian Development Bank approves $6b loan for Pakistan

Further, the bank's collaboration with other development partners will subsequently support the rehabilitation of power transmission and distribution systems along with the construction and reintegration of highways and provincial roads connecting the national trade corridor.

Other than helping with the rehabilitation of the Indus Basin Irrigation System, the package will invest in Karachi, Peshawar and Punjab's upcoming transport projects.

Read: AIIB interested to finance infrastructure projects in Pakistan

According to reports, ADB will also assist the Benazir Income Support Programme to expand its outreach to an additional 2.4 million women beneficiaries as well as help establish a government owned disaster risk fund in order to mitigate risks and enhance resilience to natural disasters.