ADB approves $15m loan for Punjab urban development

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ADB

ISLAMABAD: Asian Development Bank will provide Pakistan a concessional loan worth $15 million for urban development projects in Punjab.
A signing ceremony to this effect was held here on Tuesday, wherein Secretary Economic Affairs Division Dr Syed Pervaiz Abbas and Country Director, ADB Xiaohong Yang inked the document.
They expressed their strong commitment to further the cooperation for socio-economic development of Pakistan.
According to a tweet posted on official account of ADB Pakistan, “Syed Pervaiz Abbas, Secretary EAD and Xiaohong Yang, ADB Country Director today signed $15 million Project Readiness Financing Facility for master planning, engineering designs, and business plan for urban projects in seven cities in #Punjab province.”
According to another tweet, “Dr Ahmed Javed Qazi, Secretary LG&CD Dept #Punjab and Xiaohong Yang, ADB Country Director signed today $15 million project agreement to design urban investment and delivery plans for Bahawalpur, Dera Ghazi Khan, Multan, Muzaffargarh, Rahim Yar Khan, Rawalpindi and Sargodha.”
The concessional loan is a Project Readiness Financing Facility for engineering and designing urban development projects in seven major cities across the province, as identified by the provincial government.
The provincial Local Government & Community Development Department is the Executing Agency for the subject project which is expected to be completed by 31st October, 2022.
The PRF shall prepare readiness for ensuing projects across seven major cities in Punjab province including Bahawalpur, Dera Ghazi Khan, Multan, Muzaffargarh, Rahim Yar Khan, Rawalpindi, and Sargodha.
Meanwhile, the Asian Development Bank (ADB) Tuesday approved a $1.5 billion loan to the government of India to help fund its response to the novel coronavirus disease (COVID-19) pandemic.
“ADB is fully committed to supporting the government of India in its response to this unprecedented challenge,” said ADB President Masatsugu Asakawa.
“The quick-disbursing fund is part of a larger package of support that ADB will provide in close coordination with the government and other development partners. We are determined to support India’s COVID-19 response programs and ensure that they provide effective support to the people of India, especially the poor and vulnerable,” he added.
India has taken proactive and decisive measures to contain COVID-19 to protect lives, including the implementation of social distancing, community quarantine, and testing and tracking. The government’s COVID-19 response program includes a $2 billion health sector project to rapidly ramp up test-track-treatment capacity; and a $23 billion pro-poor relief package, which will provide additional social protection measures targeting the poor, women, vulnerable population, and disadvantaged groups. Insurance coverage for all types of health workers engaged in the COVID-19 response is also included. Around 65% of the package is in the form of direct social assistance and protection to the poor and vulnerable, including women. – TLTP