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ADB to provide one billion dollars loan to Pakistan

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SPAIN: The Asian Development Bank will provide one billion dollars loan to Pakistan this year. It was announced by senior official of the bank at the annual meeting of the bank in Spain. He said that the loan would be utilized in road, energy and urban development sectors. The ADB official said Pakistan is a country of strategic importance. He lauded the new Pakistan government of Prime Minister Syed Yousuf Raza Gillani for its commitment for economic uplift of the country.

“We are looking in addition to new projects for the fiscal year of 2008, they include projects in the road sector, in the energy sector and urban sector but these are under discussion and we don’t have any details yet,” he added.

According to sources Pakistan was the ADB’s biggest borrower in 2007, receiving $2 billion, or 20 percent of the total loans extended by the bank that year. Due to its strategic importance roughly one billion dollars in loans approved so far for 2008 refer to the second round of loans agreed upon over the past two years.

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Rubab Saleemhttp://www.rubabsaleem.com
Rubab Saleem is Editor of Pakistan Times
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