- December 11, 2023
- Posted by: Muhammad Afzaal
- Category: RBS News
The Asian Development Bank (ADB) has approved USD 659 million for three separate projects in Sindh and Khyber Pakhtunkhwa (KP) in Pakistan, as reported in national newspapers on December 7. These projects, overseen by the federal government, Sindh, and Khyber Pakhtunkhwa. This aims to promote inclusive and sustainable growth and development in the region.
Yevgeniy Zhukov, ADB’s Director General for Central and West Asia, highlighted that this financial support is intended to aid Pakistan. The recovery from the cost-of-living crisis and severe floods of 2022, steering the country towards long-term development.
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The first project involves a USD 300 million loan for the “Improved Resource Mobilization and Utilization Reform Programme”. This effort seeks to encourage long-lasting economic growth through the implementation of changes in policies, laws, and institutional capabilities concerning the mobilization and use of domestic resources. It seeks to overhaul tax administration, public expenditure management, and institutional structures to boost resource mobilization. This includes non-debt resources like private investment and savings.
In addition, the second project comprises an additional USD 275 million emergency loan for the ongoing Sindh Secondary Education Improvement Project, part of ADB’s USD 1.5 billion commitment to Pakistan’s recovery from the 2022 floods. This funding will contribute to reconstructing approximately 1,600 flood-damaged schools with resilient and gender-responsive designs. It particularly focuses on disadvantaged districts to promote inclusivity and resilience in the education system.
The third project involves a USD 80 million concessional loan for the Food Security Support Project in Khyber Pakhtunkhwa. It is also part of ADB’s USD 1.5 billion commitment for post-flood recovery. However, this initiative aims to tackle climate vulnerabilities, bolster food security, and improve the livelihoods of rural farm households in the most flood-affected districts. Moreover, it includes providing agricultural inputs and training to smallholder farmers. This also enhances household nutrition and empowers women in the agricultural process.
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Additionally, ADB fund development KP and Sindh will oversee a USD 3 million grant from the Japan Fund for Prosperous and Resilient Asia and the Pacific for the Food Security Support Project. This grant will specifically fund activities targeting women farmers, focusing on seed cleaning and the safer handling of agrochemicals.
Stay tuned with RBS for more news updates.