ADB to provide Pakistan concessional loan worth $15mln

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From Business Correspondent

ISLAMABAD: Asian Development Bank (ADB) will provide Pakistan a concessional loan worth 15 million dollars for urban development projects in Punjab.

A signing ceremony to this effect was held here in Islamabad in which Secretary, Economic Affairs Division Dr Syed Pervaiz Abbas and Country Director, ADB Ms Xiaohong Yang inked the document.

They expressed their strong commitment to further the cooperation for socio-economic development of Pakistan. The concessional loan is a Project Readiness Financing Facility for engineering and designing urban development projects in seven major cities across the province, as identified by the provincial government.

The provincial Local Government and Community Development Department is the Executing Agency for the subject project which is expected to be completed by October 31, 2022.

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