ADB signs loan deal with Pakistan to improve power transmission system
ISLAMABAD: Asian Development Bank (ADB) has signed a loan agreement with Pakistan for improvement of the power transmission system in the country, ARY News reported on Thursday.
The volume of the ADB loan to Pakistan will be 284 mln dollars. The loan will be used for a project to improve the power transmission system in the country.
ADB’s Country Director and Secretary Economic Affairs Division signed the agreement here.
Moreover, the lender will also give additional four million dollars for power generation project, a statement said.
The bank in October announced to provide $7.1bn in financing to help Pakistan achieve inclusive and sustainable growth over the next three years.
Mr. Wencai Zhang, vice president of the Manila-based lender, who visited the Pakistan on October 4-5, had affirmed ADB’s support for the government of Pakistan’s new development and reform agenda
.Mr Zhang met with Finance Minister Asad Umar, Planning and Development Minister Khusro Bakhtiar, Education Minister Shafqat Mehmood, Adviser to Prime Minister on Institutional Reforms Dr Ishrat Hussain, as well as other government officials and development partners during his visit.
In his meetings, Mr Zhang had congratulated the new administration on assuming office and noted the government’s 100-day agenda that prioritises revitalising economic growth, transforming governance, and revolutionising social services.
“ADB and Pakistan have a more than 50-year history of strong partnership,” said Mr Zhang.
“We are committed to deepening our cooperation with the new government and supporting its development agenda to bring prosperity to the people of Pakistan.
He said, ADB plans to significantly increase the country’s sovereign operations to $7.1 billion over the next three years.
Along with its continued focus on energy, infrastructure development, and institutional reforms, ADB is would assist in education and health sectors, and further strengthen social safety net through income support program.