ISLAMABAD: The Asian Development Bank (ADB) on Tuesday (December 13) approved USD 775 million to support recovery and reconstruction efforts in the flood-affected areas, news sources reported.
The funds will be used for the rehabilitation efforts of the areas in Balochistan, Khyber Pakhtunkhwa and Sindh, and to improve access to quality employment for skilled workers in Punjab.
The agreements include USD 475 million in concessional loans for Emergency Flood Assistance Project to support recovery and reconstruction efforts in Pakistan and to strengthen the country’s disaster and climate resilience. In a statement issued by the bank, this is the most concessional loan ever extended by ADB to the Government of Pakistan at 1% with a repayment period of 40 years. Moreover, USD 189 million loan was also signed for post-calamity restoration of power infrastructure, including transmission lines and substations, in the geographical regions affected by the recent floods.
This also includes a financing agreement for USD 100 million to upgrade 20 institutions and develop four Centres of Excellence to train 96,000 people (including 29,000 Women) in priority economic sectors of light engineering, textile and garments, food processing, information communications technology (ICT), tourism and hospitality, automobile/motorbike assembly, parts and repair, health and construction across Punjab.
Khyber Pakhtunkhwa (KP) USD 3.6 million were approved for the two project readiness financing facilities for preparing Khyber Pakhtunkhwa (KP) Water Resources Development Project and USD 5 million was approved for the Naulong Dam Project.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
