ADB says it has 7 projects for this year, 16 for the next

ISLAMABAD: The Asian Development Bank (ADB) has seven projects for Pakistan this year, and there are 16 projects planned for the next year as part of an extensive and meaningful partnership and collaboration with Pakistan.

This was stated by Emma Fan, new country director of ADB in Pakistan, who held a meeting with Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, here on Monday.

Asad Aleem, deputy country director ADB Pakistan also attended the meeting.

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Senator Aurangzeb welcomed Emma Fan on her posting in Pakistan, and hoped the long-term partnership between Pakistan and ADB would grow further during her tenure and the bank would continue to play a pivotal role in supporting Pakistan’s development agenda.

The minister also shared with her an update on the state of the economy and ongoing reforms in SOEs, taxation and energy and other sectors for improving governance, efficiency and sustainability of these sectors. Expressing appreciation for the reforms undertaken in various sector of the economy, Emma Fan told the minister, the ADB was working on a new country partnership strategy for Pakistan, with focus on critical sectors such as climate change, economic growth and prosperity.

She briefed the minister about ADB’s portfolio investments, its ongoing and upcoming projects in Pakistan and the bank’s support for economic reforms, socio-economic development, poverty reduction, climate change as well as policy-based funding and budgetary support for the country.

She said the ADB has seven projects for Pakistan this year and there are 16 projects planned for the next year as part of an extensive and meaningful partnership and collaboration with Pakistan.

She also updated the Minister on projects initiated or being planned by the bank for various sectors, including financial assistance for poverty reduction, ongoing SOE and SME reforms, support to power distribution companies for installation of smart meters at transformer and grid level, establishment of early flood warning system, and the digitalisation drive in the FBR.

Copyright Business Recorder, 2024