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ADB, Pakistan sign $720 million worth of projects


ADB, Pakistan sign

ISLAMABAD: Asian Development Bank (ADB) President Masatsugu Asakawa along with a delegation called on Prime Minister Shehbaz Sharif on Monday.

While appreciating ADB’s long-standing and steadfast support to Pakistan, the prime minister informed the visiting president on a series of reforms introduced by the government.

He said the key reforms included enhancing tax revenues, improving financial sustainability of the energy sector, enhancing climate resilience, reduction in untargeted subsidies and scaling up social protection.

The prime minister emphasized that he was personally overseeing the progress of these reforms to ensure their successful implementation and long-term impact, underscoring the government’s commitment to sustainable economic growth and stability.

Also read: Gunvor Group, Total Energies weigh in on potential investment in Pakistan’s petroleum sector

He appreciated ADB’s generous support of over US$ 1.5 billion in response to the devastating floods of 2022. Sharif showed Pakistan’s keen desire to work with the development partners in climate resilience projects including agriculture.

ADB President Asakawa appreciated Pakistan’s long association with ADB as one of its founding members. He lauded the government for undertaking comprehensive reforms and reaffirmed ADB’s continued support to Pakistan.

He renewed support in Pakistan in infrastructure development, climate and resilience enhancement, and institutional reforms.

The prime minister and ADB president also witnessed the loan signing of the Sindh Emergency Housing Reconstruction Project amounting to US$400 million and Khyber Pakhtunkhwa Rural Roads Development Project worth US$320 million. Both these projects are part of the ADB’s flood commitments.

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