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ADB signs loan agreement for Punjab Urban Development Projects

Real Estate News
30 Apr 2020
ADB signs loan agreement for Punjab Urban Development Projects

ADB signs loan agreement for Punjab Urban Development Projects

Lahore: The Asian Development Bank (ADB) has signed a concessional loan agreement with the government amounting to $15 million for Punjab urban development projects.

This concessional loan is a Project Readiness Financing Facility for engineering and designing urban development projects in seven major cities across Punjab, as identified by the provincial government, said a statement issued by the Ministry of Economic Affairs.

Economic Affairs Division (EAD) Secretary Dr. Syed Pervaiz Abbas signed the loan agreement on behalf of the Government of Punjab with ADB Country Director Xiaohong Yang. The local government and community development department of the Punjab government is acting as the executing agency for the subject projects.

The Procurement Ready Project (PRF) is expected to be completed by October 31, 2022. The PRF shall prepare readiness for ensuing projects across the seven major cities in Punjab province including Multan, Bahawalpur, Dera Ghazi Khan, Rahim Yar Khan, Rawalpindi, Muzaffargarh, and Sargodha.

The activities under the PRF include the preparation of spatial land use plans, updating surveys and studies, and investigating potential geological and hydrological sites proposed.

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