ISLAMABAD, Aug 30 (APP): Asian Development Bank (ADB) agreed on Tuesday to provide a loan of US $197.85 million for Sindh Provincial Roads Improvement Project.
A signing ceremony in this regard was held here which was
witnessed by Finance Minister Senator Mohammad Ishaq Dar.
The loan agreement was signed by Asian Development Bank’s Country Director, Asian Development Bank (ADB) Werner E.
Liepach and Secretary Economic Affairs Division Tariq Bajwa on behalf of government of Pakistan.
Speaking to media on the occasion, the Finance Minister said
this was a concessionery loan being provided by the ADB and it would hold even less than one per cent spread.
He thanked ADB for providing vital support to Pakistan
particularly in the transport, energy and irrigation sectors.
He assured Pakistan’s commitment to mobilize all possible
resources for improving and developing transport sector and inter- provincial linkages for enhanced local connectivity.
He mentioned that connectivity would generate economic
activity for the progress of people of Sindh.
The project would help in rehabilitation and upgradation of
roads in Sindh, particularly in Sanghar, Mirpur Khas, Badin, and Kashmore districts.
In addition, it would also serve to strengthen the institutional capacity of Works and Services Department, Government of Sindh in project management, road planning and maintenance as well as in ensuring road safety, Ishaq Dar added.
Werner Liepach on the occasion said the bidding process of the projects would start soon and by the end of the year the
construction work of projects would be initiated.
He assured that project would be completed well in time and
the gap between signing of the loan agreement and implementation of projects would be too short to ensure early completion of the project.