Asian Development Bank will provide Pakistan a concessional loan worth $15 million for urban development projects in Punjab.
A signing ceremony to this effect was held here on Tuesday, wherein Secretary Economic Affairs Division Dr Syed Pervaiz Abbas and Country Director, ADB Xiaohong Yang inked the document.
They expressed their strong commitment to further the cooperation for socio-economic development of Pakistan.
According to a tweet posted on official account of ADB Pakistan, “Syed Pervaiz Abbas, Secretary EAD and Xiaohong Yang, ADB Country Director today signed $15 million Project Readiness Financing Facility for master planning, engineering designs, and business plan for urban projects in seven cities in #Punjab province.”
According to another tweet, “Dr Ahmed Javed Qazi, Secretary LG&CD Dept #Punjab and Xiaohong Yang, ADB Country Director signed today $15 million project agreement to design urban investment and delivery plans for Bahawalpur, Dera Ghazi Khan, Multan, Muzaffargarh, Rahim Yar Khan, Rawalpindi and Sargodha.”
The concessional loan is a Project Readiness Financing Facility for engineering and designing urban development projects in seven major cities across the province, as identified by the provincial government.
The provincial Local Government & Community Development Department is the Executing Agency for the subject project which is expected to be completed by 31st October, 2022.
The PRF shall prepare readiness for ensuing projects across seven major cities in Punjab province including Bahawalpur, Dera Ghazi Khan, Multan, Muzaffargarh, Rahim Yar Khan, Rawalpindi, and Sargodha.
