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Probable ADB assistance in line for Bahawalpur

Real Estate News
05 Apr 2019
Probable ADB assistance in line for Bahawalpur

Probable ADB assistance in line for Bahawalpur

The Asian Development Bank (ADB) is expected to provide monetary aid of up to USD 150 million for infrastructure and developmental projects in Bahawalpur. Ever since it has surfaced, this great news for the less developed southern part of the Punjab province is creating headlines. Our news source reported that the development would be focused on key areas including water and sanitation, waste management, sewerage, and horticulture. Provision of important amenities and fulfilling of sustainable development goals would be given due importance through the development of Bahawalpur’s master plan for the next quarter of a century.  

Efforts in this regard include the meeting of Bahawalpur Waste Management Company (BWMC) Managing Director Naeem Akhtar with a 10 member ADB delegation. BWMC managing director seemed pretty optimistic about the future and wanted a tilt of focus towards capacity building of individuals through awareness campaigns. Also, an option being considered is the increase in taxes specifically for the purpose of maintaining a hygienic environment of the city. It is to be noted that almost USD 11.65 million is to be allocated for BWMC out of the total assistance of USD 150 million being provided by the international development finance institution.

BWMC that has entered into this agreement with ADB will have to repay the loan at an interest rate of 0.25% starting three years after the finances pour in. This deal of BWMC with ADB had to be made because the annual grants of aid for the company had been discontinued by the previous provincial government which ranged to about PKR 152 million.

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