KP Govt to Borrow $500m from ADB for Development Projects
The Khyber Pakhtunkhwa government has requested a $500 million loan from the Asian Development Bank (ADB) in order to include DI Khan and Bannu in its urban development plan, extend BRT service to Khyber Road, and improve transportation in the Swat and Abbottabad districts.
For sanitary facilities in Peshawar, Kohat, Abbottabad, Swat, and Mardan, the government has already chosen to borrow $602 million from the Asian Development Bank.
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Similarly, it was decided to incorporate Warsak Road and other feeder routes in the Peshawar Bus Rapid Transit (BRT) project by integrating Khyber Road and obtaining a $100 million loan. In addition, $200 million will be allocated for sustainable urban mobility to improve transportation amenities in Abbottabad and Mingora.
Asian Development Bank will approve the loan for the project by 2024, after which regular construction work would commence.
After the acceptance of the proposed loan for the urban development project, the Asian Development Bank will offer a loan in excess of $810 million, or about Rs 127 billion in Pakistani rupees.
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The provincial government has produced a PC-1 for the project in the amount of Rs 99 billion, which will be approved by ECNEC in the coming days. A separate PC-1 would be granted after obtaining additional loans.
Similarly, the province administration has previously borrowed $335 million from the Asian Development Bank for the Peshawar BRT.
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