ABD to provide $6 bn under Country Partnership Strategy

ISLAMABAD: After approving its plan to provide $6 billion to Pakistan in five years (2015-19) under the new Country Partnership Strategy (CPS), the Asian Development Bank’s Director General Sean O’Sullivan will be visiting Islamabad tomorrow (Tuesday) for streamlining different projects funded by the ADB in an accelerated manner.
Islamabad may request the ADB to extend its increased financing for the Havelian-Hassanabdal road project during the upcoming visit of ADB’s DG.
When asked about the financing of Bhasha Dam project, the sources said the bank alone cannot finance this project, so Islamabad will have to come up with a consortium comprising some major multilateral and bilateral lenders to arrange financing of mega project to the tune of $12 to $14 billion.
However, the government was making plans to unbundle the Bhasha project into physical construction of dam and then place power generation mechanism and arrange financing by launching international bond from the overseas Pakistanis.
According to the Finance Ministry announcement here on Sunday, Country Director Asian Development Bank Werner Liepach met Finance Minister Senator Mohammad Ishaq Dar here. He apprised the minister of the forthcoming visit of Director General ADB Sean O’Sullivan to Pakistan.
He also briefed the minister about his recent visit to the ADB Headquarters at Manila and conveyed to him greetings from the president of ADB.
He said the ADB highly appreciated the economic achievements made by Pakistan and lauded Pakistan’s endeavours to consolidate the economic gains of the last two years.
There was also discussion on expediting the ADB-funded Integrated Transit Trade Management System (ITTMS) in view of the under-construction Torkham-Jalalabad Highway. Other ADB financed projects were also discussed.
The finance minister appreciated the ADB’s continued support for economic and infrastructure development in Pakistan and said he looked forward to the visit of ADB’s Director General to Pakistan. Senior officials of the Finance Division also attended the meeting.