Disbursement of funds to development projects has liberalised: Asad Umar told ADB DG

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APP94-11 ISLAMABAD: December 11 - Federal Minister for Planning, Development and Special Initiative, Asad Umar talking to Werner E. Liepach, Director General, Asian Development Bank who called on him. APP

ISLAMABAD, Dec 11 (APP):Asian Development Bank (ADB) Director General for Central West Asia Department Werner E Liepach Wednesday called on Minister for Planning, Development and Reform Asad Umar and discussed matters related to ADB’s support for development projects.

The minister said the process of approval of development projects and disbursement of funds to such projects had been liberalised over the last 15 months, and the project authorities have been given greater freedom to approve and implement projects.

He said apart from the power and communications sector, which receive the bulk of foreign financing, housing, agriculture, tourism, IT and SMEs sectors are being given priority by the government.

Werner E Liepach said ADB will continue to support Pakistan in improving its productivity in the manufacturing and agriculture sectors.

He said Pakistani businesses should strive to be more competitive.

Pakistan is a gateway to Central Asia and there is huge potential available through regional integration, said Werner E Liepach.

Umar said we want to make use of the young population, resources and regional trade for growth and prosperity.

During the meeting, matters related to energy sector reform, housing finance, agri-financing and alternative financing mechanisms also came under discussion.
The minister appreciated ADB’s support to the government of Pakistan in various sectors.
Planning Secretary Zafar Hasan and senior officials of the ministry were also present.