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ADB Approves $300 Million for Pakistan

Manila: According to an announcement, the Asian Development Bank will lend Pakistan $300 million to help with the cost of building a 300 megawatt hydropower facility close to Balakot.

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Built on the Kunhar River in Balakot City in Khyber Pakhtunkhwa Province, the plant will incorporate seismic strengthening and climate-proofing measures and be operational by 2027.

Also, the project will increase local communities’ skill levels and boost economic activity. More than 1,200 jobs will be created during construction, with over 40% of them coming from inside the region, and the initiative will help women strengthen their livelihood skills.

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It is important to note that although Pakistan has abundant hydropower resources, only about 16 percent of its potential has been realized.

A virtual meeting between ADB Central and West Asia Section Director General Yevgeniy Zhukov and Minister for Economic Affairs Makhdoom Khusro Bakhtyar earlier resulted in an agreement between the bank and Pakistan to increase collaboration in a number of sectors.

They emphasized that despite the pandemic’s difficulties and the global economic downturn, the country’s key economic indicators are displaying optimistic results because of the government’s steadfast dedication to structural reforms.

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