Pak assures ADB of employing anti-corruption measures for $650mn flood project loanApril 30th, 2011 - 3:50 pm ICT by ANI
Islamabad, April 30(ANI): Pakistan has assured the Asian Development Bank (ADB) of the implementation of all applicable policies and procedures of the bank- including its anti-corruption measures- for obtaining a 650-million-dollar loan for the flood emergency reconstruction project.
The government has assured the bank that the project implementation will conform to all applicable ADB policies and procedures, including those concerning anti-corruption measures, the Safeguard Policy Statement (2009), safeguard frameworks, social and gender, procurement, financial management, and disbursement, said a report of the ADB President to the board of directors, asking them to approve the loan amount for Pakistan.
According to the report, the executing agencies of this project will provide quarterly progress reports to the ADB in a format that is consistent with the bank’s project performance reporting system, consolidated financial reports, and consolidated six-monthly and annual audit reports.
This project will basically finance the rehabilitation and reconstruction of facilities damaged during the unprecedented floods in mid-2010, The News reports.
The reconstruction targets transport (roads and bridges) and irrigation facilities, including drainage and flood protection.
It is noteworthy that Pakistan had requested the ADB in February 2011 for an emergency assistance loan (EAL) with a 3-year implementation period- to be completed before March 2014- for restoring priority infrastructure. (ANI)
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Tags: adb, applicable policies, asian development bank, assistance loan, disbursement, dollar loan, emergency assistance, emergency reconstruction, flood emergency, flood project, flood protection, implementation period, irrigation facilities, performance reporting system, project implementation, project loan, project performance, quarterly progress reports, reconstruction project, roads and bridges