Asian Development Bank agrees to finance US$ 6 billion for next five years in Pakistan

Islamabad, May 12, 2015 (PPI-OT): The Secretary, Economic Affairs Division (EAD) Mr. Muhammad Saleem Sethi co-chaired a meeting on Country Partnership Strategy (CPS) and Country Business Operation Plan (COBP) for Pakistan with the Vice President of Asian Development Bank (ADB) on Tuesday, 12th May, 2015. The Vice President, ADB, Mr. Wencai Zhang is on a visit to Pakistan for strengthening bilateral relations and enhancing economic cooperation.

Mr. Seleem Sethi, highlighted sectoral priorities of the government and presented the Government of Pakistan’s vision 2025. The Secretary asked ADB to support and enhance its funding in key sectors of the economy including energy infrastructure, education and health. He further stated that government’s vision of connecting Pakistan with Central and West Asia shall be an integral part of the CPS.

Asian Development Bank (ADB) agreed to finance US$ 6 billion for the next five years in Pakistan, aligning its country partnership strategy with vision 2025. The funding shall be helpful for overcoming energy crisis like ongoing construction of 660MW of Jamshoro Coal Project and building new road projects of Hassanabdal-Havellian and Gojra-Khanewal Motorways.

In next five years, to overcome energy crises small and medium dams of 100 – 300 MW shall be constructed with the target to generate 2000 MW. The Secretary, EAD emphasized the need to explore multi-donor financing for mega energy projects of Dasu and Diamer Basha Dams.

Additional Secretary, Ms. Anjum Assad Amin and Senior Joint Secretary, Mr. Pervaiz Ahmad Junejo highlighted the issues of ADB’s portfolio management regarding implementation and procurement. They asked ADB to enhance the role of ADB’s Pakistan Resident Mission for speedy disposal of implementation and procurement issues. Mr. Wencai Zhang is on a four days visit to Pakistan and will meet Prime Minister, Finance Minister, Federal Ministers and Chief Ministers of provinces.

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