ISLAMABAD, Pakistan: The Asian Development Bank (ADB) will provide US$359 million including grant US$11.8 million for Karachi Transport Bus Project and US$75 million for the Secondary Education in Sindh.
Two agreements were signed between the Ministry of Economic Affairs and the ADB in a ceremony in Islamabad on Saturday.
The Secretary at the Economic Affairs Division Noor Ahmed, and the Country Director at Asian Development Bank Xiaohong Yang signed the financing agreements.
The Minister for Economic Affairs Makhdoom Khusro Bakhtiar also attended the signing ceremony.
Under the agreements, the ADB will provide US$235 million as a loan while Green Climate Fund will provide US$37.2 million as a loan and US$11.8 million as a grant for the transport project.
The Bank will also provide US$75 million for the Sindh Secondary Education Improvement Project and under this agreement, school infrastructure, institutional capacity building, and reforms in the secondary education in the Province of Sindh will be strengthened.
In his remark on the occasion, the Minister for Economic Affairs Khusro Bakhtiar appreciated and thanked the Asian Development Bank for their financial support towards improving urban transport, traffic management, and access to secondary education in Pakistan.
The Country Director Xiaohong Yang said that the ADB is one of the leading development partners of Pakistan and is providing its support to Pakistan for policy reforms and project financing in the key priority areas.
Xiaohong Yang said that the Bank’s financial support will strengthen Pakistan’s economy and reduce the risk of external economic shocks.