Pakistan, ADB to ink loan agreements worth $1.535bn

Pakistan and the Asian Development Bank (ADB) will sign six financing loan agreements worth $1.535 billion for the country’s energy sector reforms and improvement of health and civic facilities.

A formal agreement on the loan will be inked between Pakistan and the regional bank tomorrow (Wednesday).

According to the details, the signing ceremony will be held at the Economic Affairs Division where Asian Development Bank Vice President and Federal Minister for Economic Affairs Omar Ayub Khan will also be present.

Under the agreement, out of the $1.535bn loan provided by the Asian Development Bank to Pakistan, $300 million will be used for energy sector reforms and financial sustainability programs.

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Meanwhile, $600 million will be provided to the Integrated Social Protection Development Program (Ehsaas program) and $380 million for Khyber Pakhtunkhwa City Improvement Investment Project.

The Economic Affairs Division and ADB will also sign a loan agreement of $380 million for the Khyber Pakhtunkhwa Cities Improvement Investment project.

They will sign a loan agreement of $15 million for the Khyber Pakhtunkhwa Cities Improvement Project (PRF II).

The two parties will also sign a loan agreement of $235 million for the Central Asia Economic Transport Corridor Development Program (Tranche 2).