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Asian Development Bank

Murad says completion of road schemes will give new look to Sindh

KARACHI: Sindh Chief Minister Murad Ali Shah on Thursday said that after the completion of 503 road schemes launched under Annual Development Programme 2017-18 and six schemes of 328 km under assistance from Asian Development Bank would give the province a decent look with adequate road infrastructure. The chief minister while presiding over a meeting to review the progress of road sector schemes launched by Works and Services department across Sindh was informed by Minister Works Imdad Pitafi that 496 schemes which…

Pakistan’s trade deficit widens to historic high

ISLAMABAD: The trade deficit of the country has widened to a historic level in first nine months of the current fiscal year (FY2016-17) by showing enormous increment in the country’s imports and reduction in its exports, ARY News reported. The country’s trade imbalance has reportedly surged to $23.4 billion during July to March (FY2016-17) from $16.8 billion of the corresponding period of last fiscal year (FY2015-16), showing an increase of 38.8 percent. In light of Pakistan Bureau of Statistics (PBS)'s data, the…

Pakistan failed to utilise $4.6 bln ADB funds: sources

ISLAMABAD: Pakistan has failed to utilise $4.6 billion funds that were granted by Asian Development Bank (ADB) for various projects in the country. However, the country will pay commitment fee, extra charges, on ‘idle money’. According to ADB sources, $6.4 billion of loans were granted to Pakistan for several schemes and projects, out of which, only $1.80 billion were used. ADB country review, states that the Asian Development Bank is assisting the country in its ongoing reform programmes. Moreover, the chief of…

Asian Development Bank agrees to finance Red Line BRT project in Karachi

KARACHI: Asian Development Bank (ADB) on Monday agreed to support and finance Red Line, a route of Bus Rapid Transit (BRT) system project, starting from Manghopir to Numaish in Karachi. In a meeting with Sindh Chief Minister Murad Ali Shah, a delegation of ADB led by its country director Werner E. Liepach agreed to the request of the Sindh government to finance and support the Red Line BRT project. A committee was constituted to shape up the financial and technical support. The ADB country director said that funds have…

Asia must spend $26 tn on infrastructure by 2030: ADB

HONG KONG: Asian nations must spend $26 trillion by 2030 on infrastructure to battle poverty, boost economic growth and fight climate change, the Asian Development Bank warned on Tuesday. In its "Meeting Asia's infrastructure needs" report, the lender said governments in some of the poorest countries in the world should invest in everything from transport, telecommunications, power and water and sanitation. It added that despite dramatic infrastructure growth in recent decades, more than 400 million people have no…

ADB says Pakistan’s economic progress ‘praiseworthy’

ISLAMABAD: Asian Development Bank (ADB) has stated that Pakistan's economic development is praiseworthy, ARY News reported. ADB’s Country Director Dr. Werner Leipach said that Pakistan is on the path of progress due to the implementation of its economic agenda. He reiterated that the Asian Development Bank will continue to cooperate with Pakistan on development projects in the country. The ADB official stated that Pakistan's economic indicators have also improved. Mr. Leipach said that Pakistan has also lauded…

ADB to provide $250 million for regional border management project

ISLAMABAD: The Asian Development Bank (ADB) will provide the Government of Pakistan a loan of US$ 250 million for the Central Asia Regional Economic Cooperation (CAREC) 'Regional Improvement of border services project'. The signing ceremony held after the 15th CAREC ministerial Conference which was inaugurated today. Finance Minister Ishaq Dar, while speaking on the occasion thanked the ADB for providing support to Pakistan in the border management sector. He assured Pakistan was committed to mobilise all possible…