Islamabad: The Economic Affairs Division (EAD) has received written approval from the Finance Division to negotiate funds from the Asian Development Bank (ADB) for Karachi Bus Rapid Transport (KBRT) project, a news source reported. EAD said it had no objection to the proposed loan worth USD 490 million for 25 years.
Sources privy to the development said the proposed draft loan financing of USD 490 million was in line with the overall objectives of the Government of Pakistan with regard to external financing. The project would benefit at least 1.5 million people after its completion.
KBRT includes the construction of a 25-kilometre BRT corridor and associated facilities as well as effective project management and sustainable BRT operations through institutional developments.
The Sindh Government had already approved the resettlement plan for the construction of KBRT. The officials concerned informed ADB that the Sindh Mass Transit Authority had also endorsed the draft resettlement plan.
The project is being designed to meet the increasing need in Karachi for a reliable and safe public transport and is being undertaken by the recently formed Sindh Mass Transit Authority (SMTA), in collaboration with the ADB.
