KARACHI: Asian Development Bank (ADB) on Tuesday agreed to lend nine million dollars to Pakistan in what was termed as an innovative financing tool envisaged to support engineering design and preparation of infrastructure projects.
The ADB said it is the first project approved under the project readiness financing (PRF) in central and west Asia, “which is part of a set of new financing instruments approved by ADB’s board of directors to help deliver projects in a faster and more responsive manner”.
The PRF will support the preparation and design of urban sector projects in Khyber Pakhtunkhwa, which will help the federal government in accelerating the delivery of critical infrastructure in the rapidly urbanising province.
Atif Rehman, provincial secretary of Planning and Development department said the proposed urban infrastructure projects would spur economic growth and improve people’s living standards in Khyber Pakhtunkhwa. “Better infrastructure will lower the cost of doing business, shorten travel times, and usher in more economic opportunities in remote areas,” Rehman said in a statement.
ADB’s financing includes a $7 million loan and a $2 million grant from the Urban Climate Change Resilience Trust Fund (UCCRTF), which was established in December 2013 by ADB with financial support from the governments of Switzerland, the United Kingdom, and the United States, as well as the Rockefeller Foundation.
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