ADB pledges USD 7.5 bln in loan financing over three years

Friday 14 December 2018 10:52 CET | News

The Asian Development Bank has announced that it will provide more than USD 7 billion in loan financing and grants to Pakistan over the next three years.

Philippines -based lender will allocate almost one-third of the total financing to address power sector deficiencies, its country operations business plan (2019-2021) revealed.

ADB’s non-sovereign operations will continue to focus on energy security to increase electricity supply,” the bank said in the document. The lender said the proposed sovereign lending program for 2019–2021 is USD 7.528 billion, consisting of USD 5.370 billion from regular ordinary capital resources (OCR) lending and USD 2.158 billion from concessional OCR lending, which includes a carryover of USD 600 million from 2018. The non-lending program for the period is USD 21.7 million, including transaction technical assistance for various pipeline projects.

The ADB will provide loan financing of USD 2.245 billion over the next three years to strengthen transmission network of the National Transmission and Despatch Company, develop hydropower project and support the Turkmenistan-Afghanistan-Pakistan-India gas pipeline project. The bank will loan another USD 1.394 billion to support sustainable national highway and Sindh Hyderabad southern bypass projects, help revitalise Pakistan Railways to improve transport sector sustainability, including exploring nonconventional financing arrangements.

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Keywords: The Asian Development Bank, lending, financing , Pakistan, Asia, Philippines, lender
Countries: World

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