The Asian Development Bank (ADB) has approved a loan of $659 million for Pakistan, which will be spent on three different projects.
As per the Bank, the purpose of providing the funds is to achieve the goal of sustainable economic development, ADB says, adding that the funds will be spent on building local resources and rehabilitating schools destroyed from last year’s floods.
The ADB further says agricultural production can also be increased to achieve food security. The funds will help Pakistan recover from the recent devastating floods.
A statement says the aim of the ADB is to improve the economic situation of Pakistan as well as the quality of life of its people. Out of the $659 million, $300 million will be spent on policy reforms to increase local resources.
Moreover, $275 million will be spent on the Secondary Education Improvement Project for Sindh. These funds are a part of the $1.5 billion project for rehabilitation from the devastating floods.
The ADB says 1,600 schools destroyed by the floods will be reconstructed. An additional technical grant of $800,000 will also be given for monitoring the project.
Also Read: ADB okays $180m loan for water supply, solid waste management in Punjab
The objective of the programme is to improve tax administration, expenditure management, and investment.
A week or so ago, the ADB had approved a loan of $180 million for water supply and solid waste management services in Punjab.
According to the Asian Development Bank, the $180 million project will benefit 1.5 million people in Punjab. It also includes expanding and modernising the Rawalpindi Urban Water Supply. Apart from this, the solid waste management system in Bahawalpur will also be improved under the project.
The implementation of the project will improve municipal services in both Bahawalpur and Rawalpindi. A water treatment plant will be constructed in Rawalpindi with a capacity of 54 million litres per day.
