Islamabad: The Asian Development Bank (ADB) on Wednesday (December 22) signed an agreement to improve urban infrastructure in five Khyber Pakhtunkhwa (KP) cities, according to news sources.
As per the details, a USD 650 million loan will be provided to enhance the liveability of five cities including; Peshawar, Mingora, Kohat, Mardan, and Abbottabad. The project will improve access to reliable services and urban infrastructure. Under this initiative, a USD 380 million ADB loan and a USD 5 million grant with co-financing of USD 200 million by the Asian Infrastructure Investment Bank (AIIB) will be offered. The said loan will help improve water supply and sanitation in the cities that will benefit 3.5 million people.
Moreover, other loan agreements were also signed for roads infrastructure, social protection, and energy sector reforms. The details of the loans to be provided by the ADB are as follows:
USD 235 million loan for upgradation of 222-kilometre Shikarpur-Rajanpur section of the National Highway (N-55), from two-lane to four-lane carriageway
USD 300 million financing for the energy sector to support technical, financial, and governance reforms
USD 15 million for Second Project Readiness Financing for KP Cities Improvement Project
USD 5 million for the Kurram Tangi Integrated Water Resources Development Project
Minister for Economic Affairs Omar Ayub Khan thanked the ADB management for their enhanced financial support for improving road networks, developing sustainable cities in Pakistan, enhancing social protection, and reforming the energy sector.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
