ADB Committed $3.23 Billion For Different Projects in Pakistan In 2021
Asian Development Bank (ADB) allocated $3.32 billion to assist Pakistan in dealing with the immediate consequences of the coronavirus illness (COVID-19) epidemic and promoting a green recovery In 2021.
The Bank’s commitment for 2021 comprises guarantee sand loans, grants, equity investment, and technical support to governments and the business sector. Furthermore, ADB mobilised $2.019 billion in co-financing.
According to an ADB report, $300 million has been promised for Balakot Hydropower Improvement, $372 million has been committed for Khyber Pakhtunkhwa Towns Development, and $5 million has been provided for the Kurram Tangi Combined Water Resources Improvement Program.
The 300-megawatt run-of-river hydropower facility in Balakot, Khyber Pakhtunkhwa Region, would promote economic activity and provide jobs for local residents in addition to lowering reliance on fossil fuels and enhancing energy security.
More than 1,200 employees will be recruited during development, and at least 500 local people, along with many women, will benefits from skill development initiatives.
In addition, the ADB pledged $600 million for Pakistan’s Integrated Welfare Support Development Plan & $235 million for the Central Asia Regional Financial Cooperation Corridor Improvement Investment Program – Tranche 2.
The loan was granted by ADB in order to develop and extend social protection programmes in Pakistan. The initiative involves steps to increase access to education for impoverished children and adolescents, particularly girls. In addition, it will improve access to health care and nutritional supplies for underprivileged women and kids in 22 areas.
In Pakistan, ADB contributed $377.8 million (with an extra $200 million in cofinancing) to help the province administration of Khyber Pakhtunkhwa improve living conditions in five cities.
The overall finance will improve supply of water, sewerage, & solid waste infrastructure, as well as develop public playgrounds and green spaces and simplify service delivery and municipal company performance. ADB will enhance urban living for up to 3.5 million citizens in the five focus cities through the initiative.
The Asian Development Bank also pledged a $300 million subsidised loans for Pakistan’s Energy Industry Reforms and Economic Sustainability Program, as well as a $500 million subsidised loan for COVID-19 Vaccine Funding under the Asia Pacific Vaccine Availability Program.
According to the research, a bus rapid transit (BRT) service in Peshawar, Pakistan, facilitated by ADB assistance, is smashing passenger use records and drawing more women to public transportation.
The Zu Peshawar BRT service has hybrid electric buses and 30 stops spread on a 27-kilometer (km) circuit that connects the city from east to west. Despite mobility limitations implemented as a result of the COVID-19 epidemic, the system’s ridership reached more over 50 million in 2021, with women and children accounting for more than 25% of commuters.
ADB gave a $235 million loans to Pakistan to build 222 kilometres of National Highway 55. This would reduce transportation times along CAREC routes, which have grown congested due to increased traffic levels between Islamabad, Karachi, and Lahore, while also recovering significant financial losses and lowering air and noise pollution.