Two projects worth $720 million have been signed between the Asian Development Bank (ADB) and Pakistan.
Prime Minister Shahbaz Sharif and ADB President along with the delegation participated in the signing ceremony of the draft regarding Sindh Emergency Housing Reconstruction Project worth 400 million US dollars and Khyber Pakhtunkhwa Rural Roads Development Project worth 320 million US dollars. These two projects of the Asian Development Bank are related to the rehabilitation of flood-damaged areas.
Earlier, Mr. Masatsugu Asakawa, President of Asian Development Bank met Prime Minister Muhammad Shahbaz Sharif today along with a delegation at Prime Minister House Islamabad. Appreciating the Asian Development Bank’s long-standing partnership with Pakistan in the meeting, the Prime Minister apprised the ADB delegation of the reforms introduced by the Government of Pakistan, including increased tax revenues, financing of the energy sector. These include improving sustainability, countering the devastating effects of climate change, reducing untargeted subsidies and enhancing social protection.
The Prime Minister said that he is personally monitoring the progress of these reforms to ensure their successful implementation and long-term impact, which are essential for sustainable economic growth and stability.
The Prime Minister appreciated the generous assistance of over US$ 1.5 billion from the Asian Development Bank in response to the 2022 catastrophic floods. He expressed Pakistan’s deep desire to work with development partners in environmental resilience projects including agriculture.
While expressing his views, the President of the Asian Development Bank appreciated Pakistan’s long association with the Asian Development Bank as a founding member. He lauded the Government of Pakistan for undertaking comprehensive reforms and reiterated the bank’s commitment to Pakistan’s continued support. He renewed the Bank’s commitment to increase cooperation in infrastructure development, climate change and institutional reforms in Pakistan.
Federal Ministers for Planning and Development, Investment and Privatization, Economic Affairs, Finance and Revenue and other senior government officials also participated in the meeting.
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2024-09-18 08:46:07
What are the details of the two mega projects signed by ADB and Pakistan for flood rehabilitation?
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Historic Deal: ADB and Pakistan Sign Two Mega Projects Worth $720 Million for Flood Rehabilitation
In a significant milestone, the Asian Development Bank (ADB) and the Government of Pakistan have signed two monumental projects worth $720 million, aiming to rejuvenate flood-damaged areas in the country. The projects were signed during a ceremony attended by Prime Minister Shahbaz Sharif and ADB President Masatsugu Asakawa, along with their delegations, at the Prime Minister House in Islamabad.
Rehabilitation of Flood-Damaged Areas
The two projects, Sindh Emergency Housing Reconstruction Project and Khyber Pakhtunkhwa Rural Roads Development Project, are designed to restore infrastructure and revitalise the economy in areas devastated by the 2022 catastrophic floods. The Sindh project, worth $400 million, will focus on rebuilding and rehabilitating housing infrastructure, while the Khyber Pakhtunkhwa project, valued at $320 million, will concentrate on developing rural roads to improve connectivity and accessibility.
ADB’s Commitment to Pakistan
The signing of these projects marks a significant step forward in the ADB’s long-standing partnership with Pakistan. The ADB has been a steadfast partner in the country’s development journey, providing generous assistance to mitigate the effects of natural disasters, including the 2022 floods. The bank’s support has been pivotal in helping Pakistan respond to the disaster, with over $1.5 billion in aid already provided.
Prime Minister’s Appreciation and Commitment
During the meeting, Prime Minister Shahbaz Sharif expressed his gratitude to the ADB for its unwavering support and commended the bank’s efforts in promoting sustainable economic growth and stability in Pakistan. The Prime Minister also highlighted the government’s reforms aimed at increasing tax revenues, financing the energy sector, and improving sustainability, among others. He assured the ADB delegation that he is personally monitoring the progress of these reforms to ensure their successful implementation and long-term impact.
ADB’s Praise for Pakistan’s Reforms
President Asakawa praised Pakistan’s progress in introducing reforms, including those aimed at enhancing social protection, reducing untargeted subsidies, and countering the devastating effects of climate change. He reiterated the ADB’s commitment to supporting Pakistan in its development journey, particularly in environmental resilience projects, including agriculture.
A New Era of Cooperation
The signing of these two projects marks a new era of cooperation between the ADB and Pakistan, demonstrating the bank’s continued commitment to promoting economic growth, improving lives, and reducing poverty in the country. As Pakistan continues to rebuild and recover from the devastating floods, the ADB’s support will play a vital role in helping the country achieve its development goals.
SEO Keywords: Asian Development Bank, ADB, Pakistan, Flood Rehabilitation, Sindh Emergency Housing Reconstruction Project, Khyber Pakhtunkhwa Rural Roads Development Project, Prime Minister Shahbaz Sharif, Masatsugu Asakawa, Development Reforms, Economic Growth, Sustainable Development, Climate Change, Environmental Resilience, Agriculture.
Meta Description: ADB and Pakistan sign two mega projects worth $720 million for flood rehabilitation, marking a significant milestone in their partnership to promote sustainable economic growth and stability in the country.
Development in Pakistan. He emphasized the importance of these rehabilitation projects in restoring livelihoods and enhancing the resilience of affected communities.
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Historic Deal: ADB and Pakistan Sign Two Mega Projects Worth $720 Million for Flood Rehabilitation
In a significant milestone, the Asian Development Bank (ADB) and the Government of Pakistan have signed two monumental projects worth $720 million, aiming to rejuvenate flood-damaged areas in the country. The projects were signed during a ceremony attended by Prime Minister Shahbaz Sharif and ADB President Masatsugu Asakawa, along with their delegations, at the Prime Minister House in Islamabad.
Rehabilitation of Flood-Damaged Areas
The two projects, Sindh Emergency Housing Reconstruction Project and Khyber Pakhtunkhwa Rural Roads Development Project, are designed to restore infrastructure and revitalize the economy in areas devastated by the 2022 catastrophic floods. The Sindh project, worth $400 million, will focus on rebuilding and rehabilitating housing infrastructure, while the Khyber Pakhtunkhwa project, valued at $320 million, will concentrate on developing rural roads to improve connectivity and accessibility.
ADB’s Commitment to Pakistan
The signing of these projects marks a significant step forward in the ADB’s long-standing partnership with Pakistan. The ADB has been a steadfast partner in the country’s development journey, providing generous assistance to mitigate the effects of natural disasters, including the 2022 floods. The bank’s support has been pivotal in helping Pakistan respond to the disaster, with over $1.5 billion in aid already provided.
Prime Minister’s Appreciation and Commitment
During the meeting, Prime Minister Shahbaz Sharif expressed his gratitude to the ADB for its unwavering support and commended the bank’s efforts in promoting sustainable economic growth and