ADB, Pakistan sign $15m loan deal

Financing will help design urban development projects in Punjab

ISLAMABAD: The government of Pakistan and the Asian Development Bank (ADB) have signed a concessional loan agreement worth $15 million.

This concessional loan is part of the Project Readiness Financing (PRF) facility for engineering and designing urban development projects in seven major cities across Punjab, as identified by the provincial government.

The agreement was signed by Economic Affairs Division Secretary Syed Pervaiz Abbas and ADB Country Director Xiaohong Yang. The project is being executed by the local government and community development department of Punjab and is expected to be completed by October 31, 2022.

The PRF will prepare readiness for ensuing projects across seven major cities in Punjab, which are Bahawalpur, Dera Ghazi Khan, Multan, Muzaffargarh, Rahimyar Khan, Rawalpindi and Sargodha. The activities under the PRF include preparation of spatial land use plans, updating surveys and studies, investigating potential geological and hydrological sites, conducting due diligence assessments. 

Published in The Express Tribune, April 29^th, 2020.

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