Asian Development Bank issues a grant of $513 million to Pakistan for development projects
Thursday, January 19th, 2012 6:01:54 by Wajahat Javed
Asian Development Bank issues a grant of $513 million to Pakistan for development projects
Wednesday, January 18, 2012: Pakistan has signed two exclusive agreements with Asian Development Bank (ADB) according to which the country will receive a grant of $513 million for the purpose of building a new barrage and improving
the deteriorating transmission systems.
Abdul Wajid Rana, Secretary Economic Affairs, and Werner Liepach, ADB’s Country Director to Pakistan, took part in signing of the agreements.
Rana speaking to media personnel said, “The ADB would provide a soft loan of $270 million for building new Khanki Barrage and $243 million for improving the country’s power transmission systems on terms of London Interbank Offered
rates. The energy sector project will cover the main cities and also link cities in Punjab and Sindh.”
Liepach also emphasized on the importance of the pact for Pakistan. The ADB’s Country Director to Pakistan said, “The projects are absolutely crucial for Pakistan’s economy and it is not every day the ADB signs over half a billion
dollar agreements.”
Liepach further said, “The ADB’s executive board is only approving those projects which are ready for implementations in a bid to save commitment charges that Islamabad has to pay if the approved amount remains unutilised.”
The pact would largely relieve market pressure as finding loans for Pakistan has become a big issue, lately, due to deteriorating relations with the US and deferment of budgetary support by the international lenders.
Out of the $513 million that Pakistan would receive, $270 million would be allocated as tranche-II of the Punjab Irrigated Agriculture Investment Programme having total estimated cost of $900 million. The remaining, $243.3 million
is the third tranche of the Power Transmission Enhancement Programme, which has a total cost of $810 million
The Agriculture Investment Programme includes building of new Khanki Barrage on River Chenab in central Punjab. About 568,000 farming families (two million people approx.) are expected to gain from the project.
On the other hand, the power projects will be completed by June 2016 which will supplement the network and increase the overall energy efficiency in Pakistan.
Tags: ADB, Asian Development Bank, Khanki BarrageShort URL: https://www.newspakistan.pk/?p=9714
Posted by Wajahat Javed
on Jan 19 2012. Filed under Business, Pakistan.
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Honorable Sir,
Universal Human Rights Organization (UHRO) is a non-profit and non-Governmental Organization. It took its inception as a Community Based Organization (CBO) on August 18, 2003, at G-7/2 Christian Colony in Islamabad. Its nascent goals were to uplift and bring change among deprived, ignored and un-accessed Community who have had least or no access to learning, health and vocational skills in Islamabad. Education is the key to bring revolution in the lives of individuals. It facilitates the mental abilities to flourish and get utmost fruits from the competitive world. Hence, the primary purpose of this organization is to improve and empower the community through education. The organization has executed various Projects since 2003. Effective and efficient program triumphs boosted the morals of this organization’s founding- fathers and they got it registered on May 10, 2010.
“The overall objective of UHRO is to widen the process of effective human resource mobilization, and development of the poor and disadvantaged people in general ,to provide real opportunities and choices for personal welfare, by ensuring that, as much as possible through community-driven efforts, they benefit from mainstream development and participate in community activities” “Our mission is to harness human efforts in the process of establishing and building peaceful development, educational and just societies in Pakistan, by working for, and working with poor communities” in the field of education.
We assure you that your generous consideration will go a long way in educating the children of this area and it will also be publicly acknowledged at our all events through promotional announcements and a logo and prominent note in our programs. We feel that our government will benefit from the community goodwill generated by your kind donation to our organization for the betterment of the residents of slum area Musharaf Muskeen Colony G-8/4 Islamabad. These people are living without electricity and other basic facilities. Our organization has arranged to get the approval for electricity but due to lack of funds and the poor condition of the residents of this colony it is very difficult for all of us to manage funds. It is requested that on humanitarian grounds a helping hand may be extended to get this facility for the residents as all residents have families, children and aged parents etc etc.
To learn more about our organization, you may please view our website (www.uhro.org.pk) or contact me at (+92-300-5543076).
Thank you for your consideration of our request, and we look forward to hearing from you soon.
Sincerely,
Shahbaz M. Nar, Chairman UHRO
Chairman@uhro.org.pk