KP to Borrow Funds for Urban Development Schemes
Peshawar: The Khyber Pakhtunkhwa (KP) administration has planned to obtain USD 500 million from the Asian Development Bank (ADB) to fund urban development projects in a number of districts.
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The funding will be used for development initiatives in the districts of DI-Khan, Bannu, Swat, and others. The funding will also be used for the building of BRT feeder lines, Khyber Road, and the improvement of transportation services in Swat and Abbottabad.
For sanitation and sewage facilities in Peshawar, Kohat, Abbottabad, Swat, and Mardan, the KP government has already requested a USD 602 million loan. The following is a breakdown of the many projects to be undertaken with the loan:
The initiative seeks USD 200 million for sanitation and sewage water projects in the higher tehsils of Swat and selected cities of the Hazara division, including DI Khan and Bannu.
The 2023 Bus Rapid Transit (BRT) initiative for Abbottabad and Mingora will cost USD 200 million.
The development of BRT Peshawar feeder lines, including Khyber Road and Warsak Road, will cost $100 million.
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In addition, once the loans are granted in 2023, the province government’s overall debt will exceed 810 million USD, or 127 billion PKR. The provincial government has already created a PC-1 for the existing projects, and if the finance for the additional projects is authorised, a second PC-1 would be issued.
The loans are anticipated to be authorised in 2024, at which point the projects will be initiated. In addition, the province government anticipates reaching an agreement on project-ready financing by September 2021.
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