Pakistan receives 15m Covid-19 vaccine doses from ADB

Pakistan, ADB sign six financing agreements of $1.543b in diverse sectors

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Islamabad: Pakistan and the Asian Development Bank (ADB) have signed six financing agreements worth US$1.543 billion for energy sector reform, social security, urban infrastructure, road sector and water resources.

Mian Asad Hayaud Din, Director of the Department of Economic Affairs of Pakistan, and Yong Ye, Country Director of the Asian Development Bank, signed the agreement at a ceremony held in Islamabad today (Wednesday). Minister of Economic Affairs Omar Ayub Khan also witnessed the signing ceremony.

These agreements include 300 million dollars policy-based loan to support financial, technical and governance reforms to strengthen Pakistan’s energy sector; 385 million dollars financing agreement to improve urban infrastructure in five cities of Khyber Pakhtunkhwa, 235 million dollars project loan to dualization of 222-kilomater Shikarpur-Rajanpur Section of Indus Highway and 603 million dollars results-based lending program to strengthen and expand Ehsaas Program.

Two project readiness facilities for preparing Kurram Tangi Integrated Water Resources Development Project of worth 5 million dollars and Khyber Pakhtunkhwa Cities Improvement Investment Project Phase-II costing 15 million dollars were also signed.

Minister for Economic Affairs expressed his deep appreciation and thanked the President, Senior Management and Board of Directors of Asian Development Bank for their continued and enhanced financial support towards reforming energy sector, improving road networks, enhancing social protection and developing sustainable cities in Pakistan.

Vice President ADB Shixin Chen, on the occasion, said that despite a challenging situation caused by the COVID-19 pandemic, Pakistan continues to make progress in implementing comprehensive economic, fiscal and structural reforms.

He appreciated the mass vaccination program used to control the spread of COVID-19, and ADB provided Pakistan with US$500 million for this.

ADB Director General Eugene Zhukov pledged that ADB will continue to support the government’s development priorities and is committed to supporting Pakistan’s green, resilient and sustainable recovery.

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