According to an ADB press release issued on Wednesday, the Power Distribution Strengthening Project will focus on upgrading distribution systems to meet the increasing electricity demand in the country. Key objectives include reducing significant energy losses during transmission and improving the resilience of infrastructure against climate change and disaster-related risks. Initially, the project will benefit […]
According to details, the funds will be used to establish stable aviation fuel reserves in the country. A private aviation fuel storage facility is planned to be set up in Sheikhupura, Punjab. The loan falls under the climate support framework aimed at financing infrastructure projects. The initiative is expected to reduce carbon emissions in the […]
According to the SBP, this amount will be added to the foreign exchange reserves next week. The SBP says the ADB has given this amount to deal with the impact of climate change in Pakistan. On October 29, the Asian Development Bank (ADB) approved a US$500 million policy-based loan to support climate change and disaster […]
In an update to its Asian Development Outlook, ADB said that the inflation rate has dropped in the country to a minimum level in two years, which is expected to go further down. The growth rate of Pakistan is likely to remain at 2.8 percent in the ongoing year, ADB predicted. The growth rate was […]
President ADB Masatsugu Asakawa stated this during a meeting with President Asif Ali Zardari in Islamabad. The ADB president reaffirmed the bank’s commitment to support infrastructure development and climate-resilient initiatives in Pakistan. Masatsugu Asakawa also commended the recent signs of economic recovery and stabilization in Pakistan. On his part, President Asif Ali Zardari called for […]
The Khyber Pakhtunkhwa Rural Roads Development Project will upgrade around 900 kilometers of rural roads in the province that are susceptible to floods and are in poor condition, according to an ADB press release received here on Friday. These cover key routes that link remote communities to education, health care, and markets, it said adding […]
According to the ADB blog report on remittances in Pakistan, remittances saw a significant increase of 19.8%, reaching a record high of $31.1 billion, during the COVID-19 pandemic. The report stated that remittances play a vital role in reducing poverty and increasing foreign exchange reserves. The ADB recommended providing more incentives to overseas Pakistanis to […]
According to sources, the Ministry of Planning and the Ministry of Economic Affairs have completed their work for the current financial year, and the amount will be spent on flood recovery and rehabilitation and development projects. This funding is part of the international community’s efforts to support Pakistan in the aftermath of the catastrophic floods. […]
CM Maryam gave formal assent to make new corridors in the province in a special meeting. Chairing a meeting in Lahore today, Maryam Nawaz said that these road corridors connecting major cities will facilitate public transportation and bring economic development to these areas. The meeting was told that the project will be completed in December […]
Headed by Deputy Prime Minister and Foreign Minister Ishaq Dar, the Executive Committee of the National Economic Council (Ecnec) approved the completion of the $6.7 billion project in two phases. The committee sanctioned the first phase from Karachi to Multan for $3.32 billion, although the Chinese have so far agreed to fund $1.1 billion worth […]
