development projects

Asian Bank to fund health, irrigation and education projects worth $2 billion

Asian Bank

The Asian Development Bank (ADB) revealed that projects valued at $2 billion for Pakistan would be finalized after holding discussions with the private and public sectors. 

“The $2 billion ADB-funded projects related to food security, health, irrigation, and education would play a pivotal role in the economic development of Pakistan,” according to ADB Deputy Country Director Asad Aleem. He was talking to the office bearers and members of the Lahore Chamber of Commerce & Industry (LCCI). “In this regard, consultative sessions have been held with the actual stakeholders, including Sindh and Punjab governments,” he said. 

Mr. Aleem stated that as meetings have been conducted with Karachi and Lahore chambers and the Pakistan Business Council to get opinions from the private sector, the bank’s main objective is to identify what should be done in the country. 

Read more: Asian Development Bank forecasts higher inflation in Pakistan

“The ADB supports projects in developing member countries that create economic and development impact, delivered through both public and private sector operations, advisory services, and knowledge support,” Aleem said, declaring the strategy 2030 that sets the path for the ADB’s efforts to respond successfully to Asia and the Pacific’s changing requirements. 

Meanwhile, Speaking at the event, LCCI Senior Vice President Mian Rehman Aziz Chan stated that the chamber is well aware of the role of Asian Development Bank in the economic development of Pakistan since 1966. Over the years, the bank has committed more than $37 billion to promote inclusive financial growth and develop the country’s infrastructure, transport networks, energy and food security, social services, etc. 

He further added that the LCCI believes that the grant should be available only to those deserving of it. “We want the pharma sector of Pakistan to be self-sufficient. Therefore, the international private sector should collaborate in this sector with Pakistan. This will also help transfer modern technology to Pakistan.” 

 With respect to the economic crisis Pakistan has been going through, Mr. Chan said, “The State Bank’s foreign exchange reserves have depleted to around $10bn. These steep economic challenges have an adverse trickle-down effect on the growth of the private sector.”  

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