Pakistan, ADB sign project pacts for KBRT, education
Pakistan and Asian Development Bank (ADB) on Saturday signed two financing agreements amount of USD 359 million for the Karachi BRT project (Red Line), the education system in Sindh province, and others.
Noor Ahmed, Secretary, Economic Affairs Division and Xiaohong Yang, Country Director, Asian Development Bank (ADB) signed a financing agreement of USD$ 284 million for the Karachi BRT Project (Red Line). ADB has committed to providing USD 235 million as a loan while Green Climate Fund (GCF) will provide US$ 37.2 million as a loan and US$ 11.8 million as a grant for this project, said a press release issued by ADB here.
Karachi is Pakistan’s largest city and the country’s primary financial and economic hub. Under this financing agreement, the government of Sindh will prioritize inclusive and sustainable growth by improving the quality of life for its citizens.
The main objectives of the project are to reduce overall traffic volume on the roads, thereby saving vehicle operating costs; improve the overall quality of air through reduced carbon emissions; and an innovative waste-to-fuel scheme for bettering public health and mitigating the effects of climate change on citizens.
Economic Affairs Division and Asian Development Bank (ADB) also signed a loan agreement of USD$ 75 million for the “Sindh Secondary Education Improvement Project.” Under this financing agreement, school infrastructure, institutional capacity building, and reforms in secondary education in the Province of Sindh will be strengthened.
The project will be implemented by Education & Literacy Department, Government of Sindh, to construct new secondary school blocks in 10 districts across southern Sindh and improve the teaching capacity of instructors in five (5) key subjects i.e. English, Mathematics, Biology, Chemistry, and Physics).
The project is aligned with and will support the implementation of the Sindh Education Sector Plan (2019 – 2023).
Minister for Economic Affairs Makhdum Khusro Bakhtyar expressed his deep appreciation and thanked the Asian Development Bank for their financial support towards improving urban transport, traffic management, and access to secondary education in Pakistan.
The Minister reiterated the government’s commitment to work tirelessly towards achieving sustainable cities and communities, in line with the Sustainable Development Goals, and highlighted the importance of promoting secondary education, especially for girls.
It reflects the federal government’s strong commitment to supporting all the provinces for achieving inclusive growth and sustainable development, he added.
Xiaohong Yang, Country Director stated that ADB is one of the leading development partners of Pakistan.
The ADB is providing its support to Pakistan for policy reforms and project financing in the key priority areas. ADB financial support will strengthen Pakistan’s economy and reduce the risk of external economic shocks, she added.