ISLAMABAD: The Asian Development Bank (ADB) has approved the loan of $7 million for project readiness financing (PRF). The bank will also grant $2 million for PRF to assist the development and execution of urban sector projects in Khyber Pakhtunkhwa.
ADB will provide the amount under the Urban Climate Change Resilience Trust Fund that was established by the end of 2013. The bank established UCCRTF with the financial assistance of the UK, US, Switzerland, and Rockefeller.
Project readiness financing will facilitate the K-P government to speed up infrastructure development across the province. It will help Abbottabad, Kohat, Mardan, and Peshawar to have enhanced public urban spaces, and transport facilities through municipal infrastructure.
In its press release, ADB declared the financial support for Khyber Pakhtunkhwa Cities Improvement Project (KPCIP).
Yong Ye endorsed Pakistan’s Government by stating that the finance will benefit Pakistan to enhance its portfolio by lessening the project cost. It will also accelerate the implementation, ADB’s Director for the Central and West Asia Department’s Urban Division further added.
Secretary K-P Planning and Development Arif Rehman also said that the improvement project would incite economic growth. People will enjoy improved living standard because of reduced traveling time, fewer expenses and tremendous opportunities, he added.
The UCCRTF assists medium-sized Asian cities in minimizing the vulnerability of weak cities. The initiative will help medium to small size cities to put their role in economic development. It will improve locals life along with the spur in properties cost due to enhanced infrastructure and transportation facilities.
A delegation of ADB in the representation of Director General for Central West Asia Department Werner Liepach visited Pakistan on Monday. The Development Minister Bakhtayar briefed the delegation over Pakistan’s plan to develop intermediate cities.
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