ADB approves 650-mn-dollar loan to help Pakistan rebuild flood-hit infrastructureMarch 31st, 2011 - 5:19 pm ICT by ANI
Islamabad, Mar 31(ANI): The Asian Development Bank (ADB) has approved a 650-million-dollar emergency assistance loan to help Pakistan rebuild its vital infrastructure that was destroyed during last year’s unprecedented floods.
The ADB’s board of directors approved the loan assistance along with a supporting technical assistance grant for the Flood Emergency Reconstruction Project.
“This assistance comes in direct response to a request from the government and represents ADB’s strong and continued commitment to the people of Pakistan,” the Daily Times quoted Juan Miranda, director general for ADB’s Central and West Asia Department, as saying.
“The outcome of the project will be the restoration of critical infrastructure to restore livelihoods and access to markets which will support economic and social recovery,” Miranda added.
The loans will be used to reconstruct damaged roads, bridges, irrigation systems and flood and drainage protection works in the worst affected areas of Pakistan. The emergency loan will help reconstruct over 790-kilometres long National Highways and 800 kilometres of provincial roads and bridges of higher standards.
It will also be used to upgrade flood protection embankments and other drainage infrastructure in 1.5 million hectares of agricultural land in the country.
The assistance will include 600 million dollars to be taken from Ordinary Capital Resources with a 32-year term, an eight-year grace period and its interest set in accordance with ADB’s LIBOR-based lending facility.
Another 50 million dollars will be tapped from ADB’s Asian Development Fund, which will have a repayment term of 40 years with a 10-year grace period, and interest charges at one per cent per annum. (ANI)
- Pak assures ADB of employing anti-corruption measures for $650mn flood project loan - Apr 30, 2011
- ADB Extends 315 million dollar for highway overhaul in Karnataka - Nov 29, 2010
- $200-mn ADB loan for Madhya Pradesh power projects - Aug 17, 2011
- 120 million dollar ADB grant to help Assam tackle floods, land erosion - Oct 20, 2010
- ADB provides 300 million dollars to Bihar to improve roads, boost growth - Sep 16, 2010
- $315 mn ADB loan for Karnataka road projects - Jul 20, 2011
- ADB 170 million dollar facility to help Bihar, Maharashtra modernize horticulture systems - Sep 16, 2010
- ADB provides 250 million dollars to help India turn tourism into growth, jobs driver - Sep 29, 2010
- ADB 150 mln dollar loan to help India improve its urban infrastructure - Aug 11, 2010
- 132 million dollar ADB power project to benefit millions in Bihar - Oct 20, 2010
- Pakistani leader turns down ADB loan - Mar 05, 2011
- $826 million ADB loan to India for power transmission - Mar 30, 2012
- Floods to recede only by month's end, says Pak Meteorological Department - Aug 19, 2010
- ADB to help protect coastal areas in three vulnerable Indian states - Sep 29, 2010
- UK doubles Pak flood aid to 64.3 million pounds - Aug 20, 2010
Tags: asian development bank, assistance loan, critical infrastructure, dollar loan, drainage infrastructure, embankments, emergency loan, emergency reconstruction, flood emergency, flood protection, irrigation systems, juan miranda, loan assistance, national highways, provincial roads, reconstruction project, repayment term, roads and bridges, vital infrastructure, west asia