Pakistan, ADB finalise loan agreement for urban development projects in Punjab

Islamabad: The government and the Asian Development Bank (ADB) recently signed a loaned agreement, amounting to USD 15 million, for initiating urban development projects in seven cities of Punjab, a news source reported.

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The understanding was reached under the Project Readiness Financing Facility. Economic Affairs Division Secretary Syed Pervaiz Abbas signed the loan agreement with ADB Country Director Xiaohong Yang.

Under the agreement, the local government of Punjab and its Community Development Department will serve as the executing agency for the said uplift projects. The projects would be developed in the seven main cities of Punjab province, including Sargodha, Rawalpindi, Rahim Yar Khan, Muzaffargarh, Multan, Bahawalpur, and Dera Ghazi Khan.

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It was further informed that the Pakistan Relief Foundation (PRF) would execute:

• Investigation of sites for potential geological and hydrological projects, including studies and surveys
• Preparation of Spatial Land Use Plans
• Assessments, including economic, technical, financial, environmental, and social impact, of projects
• Preparation of Detailed Engineering Designs (DEDs)
• Strengthening of municipal and metropolitan corporations for better delivery of services