Industry

ADB Plans to Provide $10 Billion in Fresh Assistance to Pakistan for the Next 5 Years

The Asian Development Bank (ADB) is planning to provide about US$ 10 billion to Pakistan as fresh assistance in various development projects, particularly in the sectors of urban services, disaster risk reduction, and policy-based programs, in the next five years.

The Minister for Economic Affairs appreciated the ADB for its persistent technical and financial support to the Government of Pakistan. He also acknowledged that ADB had provided US$ 500 million for procurement of COVID-19 vaccine. He asserted that the government was committed to ensuring maximum vaccination coverage.

Omar Ayub Khan highlighted that the urban services sector, given the rapid urbanization and population growth, was a high priority of the present government. He stated that the government was committed to improving the urban infrastructure and services including water and sanitation services, public transport, urban flooding and disaster management, and health facilities.

The Minister underlined that through the National Coordination Committee on Foreign Funded Projects, the Economic Affairs Division had not only significantly improved performance of ongoing projects by removing major bottlenecks, including delays in land acquisition, right of way issues, and hiring of project staff, but had also undertaken an internal exercise to weed out non-performing projects to redirect resources toward more sustainable projects.

He also informed the DG ADB that further efforts were being made to improve project management and oversight by creating a dedicated monitoring cell.

Omar Ayab assured the DG ADB that the government was committed to completing structural reforms in multiple areas of the economy, including energy, capital markets, trade competitiveness, domestic resource mobilization, and governance. He suggested new areas for ADB’s assistance including support for the provision of basic amenities, i.e., energy, roads, and urban services to the erstwhile FATA [Federally Administered Tribal Areas].

DG ADB Eugenue Zukhov reiterated ADB’s commitment to support the government’s reform agenda and to speed up the economic recovery process amid the COVID-19 pandemic. He informed the Minister of the ADB plans of providing Pakistan with fresh assistance. He said additional financing of US$ 700 million was available for Pakistan to procure COVID-19 vaccine under ADB’s APVAX [Asia Pacific Vaccine Access] facility.

The DG ADB also appreciated the Government of Pakistan’s support in successfully evacuating ADB personnel working in Afghanistan. He commended the Minister for Economic Affairs for his proactive approach to enhanced partnership and regular portfolio reviews.

The Minister for Economic Affairs and DG ADB agreed to continue discussing ways to further deepen the Pakistan-ADB development partnership and to ensure the effectiveness of the ongoing portfolio.

Country Director ADB Yong Ye, Principal Energy Specialist Asad Aleem, and Senior Project Officer Nasruminallah Mian were also present in the meeting.

Source: Pro Pakistani