ISLAMABAD: Minister for Finance Ishaq Dar witnessed a loan and grant  signing ceremony between the government of Pakistan and Asian Development Bank (ADB) at the Ministry of Finance on Tuesday.

Under the agreements signed, ADB will provide loans of US$ 335 million for the Peshawar Bus Rapid Transit Corridor Project and US$ 100 million for Supporting Public-Private Partnership Investments in Sindh Province.

A grant agreement was also signed with ADB for Supporting Public-Private Partnership Investments in Sindh  Project for which Department for International Development (DFID), UK will provide US$ 19.23 million. The loan agreements were signed by Mr. Shahid Mahmood, Secretary, Economic Affairs Division (EAD) and Ms. Xiaohong Yang, Country Director, ADB, while the project agreements were signed by representatives of Government of Khyber Pakhtunkhwa and Government of Sindh, with ADB. Senior officials of Ministry of Finance, EAD, ADB and DFID were present during the ceremony.

On this Finance Minister Ishaq Dar said that the government would  further improve the physical infrastructure of the country, including by leveraging private capital to augment infrastructure investments.

He expressed the hope that the people of Khyber Pakhtunkhwa and Sindh would benefit greatly from these projects envisaged under the signed agreements. He said that the Peshawar Bus Rapid Transit Corridor Project entails construction of a 26-kilometer corridor and associated facilities, which will benefit 500,000 people.

He  said that supporting Public-Private Partnership Investments in Sindh Province Project will help in developing policies of the Government of Sindh for sustainable infrastructure provision through Public-Private Partnerships.

Country Director, ADB, assured Government of Pakistan of ADB’s support, and appreciated the government’s efforts to improve the economy and boost development in Pakistan. She said that the Peshawar Bus Rapid Transit Corridor Project will provide safer, more efficient, and comfortable transportation options for the people in Peshawar.