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ADB Approves USD 659 Million for Development Projects in Sindh and KP

Islamabad, The Asian Development Bank (ADB) has approved funding of USD 659 million for three key development projects in the provinces of Sindh and Khyber Pakhtunkhwa (KP). The projects aim to promote inclusive and sustainable growth in Pakistan, as reported in national dailies on December 7.

According to Zameen.Com, these initiatives, to be executed by the federal government and the provinces, are designed to address several critical areas. These include domestic resource mobilization, rehabilitation of schools post the August 2022 floods, and enhancing agricultural productivity to improve food security in the regions.

Yevgeniy Zhukov, ADB Director General for Central and West Asia, highlighted the importance of this support for Pakistan. He noted that it would aid in recovering from the cost-of-living crisis and the impact of the super-floods, steering the country back towards long-term development.

The funding is divided into three components. The first is a USD 300 million loan for the 'Improved Resource Mobilisation and Utilisation Reform Programme.' This program targets sustainable economic growth by reforming policies, laws, and institutional capacities related to domestic resource mobilization and utilization. It aims to transform tax administration, public expenditure management, and institutional structures to enhance resource mobilization, including non-debt resources like private investment and savings.

The second component involves an additional USD 275 million emergency loan for the ongoing Sindh Secondary Education Improvement Project, which is part of ADB’s USD 1.5 billion commitment to Pakistan's recovery from the 2022 floods. This funding will support the reconstruction of up to 1,600 flood-damaged schools with resilient and gender-responsive designs, thereby fostering inclusivity and resilience in the education system, particularly in disadvantaged districts.

The third component is an USD 80 million concessional loan for the Food Security Support Project in Khyber Pakhtunkhwa, also within ADB’s post-flood recovery commitment. This project focuses on addressing climate vulnerabilities, enhancing food security, and improving the livelihoods of rural farm households in the most flood-affected districts. It includes providing agricultural inputs and training to smallholder farmers, improving household nutrition, and empowering women.

Additionally, ADB will manage a USD 3 million grant from the Japan Fund for Prosperous and Resilient Asia and the Pacific for the Food Security Support Project. This grant will specifically finance activities geared towards women farmers, such as seed cleaning and safe handling of agrochemicals.

The post ADB Approves USD 659 Million for Development Projects in Sindh and KP appeared first on Pakistan Business News.

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