ABD approves $10bn for Development projects

ISLAMABAD:The Asian Development Bank (ADB) plans to extend lending up to $10 billion during the next five years, for the development projects in Pakistan, which includes $2.1bn disbursements during the current fiscal year.

“ADB’s partnership strategy will be aligned with the government’s development vision and policies, and is expected to introduce new approaches to development financing in urban services, energy security, transport, agriculture, and water resources, education, trade, and tourism,” said ADB Country Director for Pakistan Xiaohong Yang. As the purpose of ADB’s 5-year CPS is to define the priorities set and to lend support for Pakistan’s development goals. This new strategy will also complement efforts by other development partners.

She added that “It will priorities innovation, analytical support, public-private partnership, and the application of new technologies. ADB plans to provide about $2.1bn out of $3.4bn funds to support Pakistan’s reform and development programmes during 2019-20”.

In addition to lending support the development in public sector investments, ADB will continue to increase its operations in the private sector of Pakistan for the stimulation and revitalization of growth and exports.

Secretary for the Economic Affairs Division Noor Ahmed, ADB Senior Adviser for Central and West Asia Muhammad Ehsan Khan, ADB Country Director for Pakistan Xiaohong Yang and ADB’s Director for Regional Cooperation and Operations Safdar Parvez and Nadeem Babar, Special Assistant to the Prime Minister for the Petroleum Division, discussed challenges faced and the priorities this partnership’s strategy should address, along with the implementation of energy sector reforms.

As the key features for development were discussed by the representatives of the provincial governments.

Nadeem Babr briefed that, “The new country partnership strategy is being formulated at an important juncture. ADB’s concessionary and result-oriented assistance will strengthen the government’s efforts to address fiscal imbalances through meaningful and robust reform programmes and development projects.”

“The consultations today signify the enduring partnership between the government and the people of Pakistan and ADB and ADB’s vital support to Pakistan in overcoming these development challenges.”

The new CPS will also be a step towards improving economic linkages of Pakistan’s with its neighboring countries, particularly through the Central Asia Regional Economic Cooperation (CAREC) programme.

In the next stage, more detailed strategic consultation meetings will be held in the provinces with the local governments and other stakeholders including academia, civil society, the private sector, and other partners crucial in development.

Pakistan has received $32bn in project assistance since it became a founding member of ADB in 1966. Ever since then, it has been working with ADB to strengthen its key infrastructure, social services, and economic growth.