ABD grants $1.54 billion for energy and urban development projects

ABD grants $1.54 billion for energy and urban development projects

ABD grants $1.54 billion for energy and urban development projects. Six funding agreements totalling $1.54 billion have been approved by the government and Asian Development Bank (ADB). On Wednesday, these funds will be used to restructure the energy sector, social protection, urban infrastructure, transportation, and irrigation.

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These projects were authorized by the ADB Board of Directors (BoD) last week. Asad Hayauddin, Secretary Economic Affairs Division (EAD), and Yong Ye, ADB Country Director for Pakistan, signed the agreements. The signing ceremony was also attended by ADB Governor and Minister for Economic Affairs Omar Ayub Khan and other ADB officials. The ABD awards grants totaling $1.54 billion for energy and urban development projects worldwide.

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According to the source, this project comprises a $300 million policy-based loan that will help Pakistan’s energy industry strengthen its financial, technical, and governance reforms. The loan is part of the ADB’s Energy Sector Reforms and Financial Sustainability Program’s second subprogram, which focuses on managing circular debt. Additionally, the two parties signed a $385 million financing agreement for the Khyber Pakhtunkhwa Cities Improvement Investment (KPCII) project, which will enhance water supply and sanitation in Abbottabad, Kohat, Mardan, Mingora, and Peshawar.

The ABD provides subsidies totaling $1.54 billion for energy and urban development initiatives.

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