Pakistan And Asian Development Bank signed an agreement of $197 million loans to rebuild the highways and bridges which are damaged by the flood.
Tariq Bajwa Secretary Economic Affairs Division (EAD) and Werner E. Liepach (Country Director for ADB in Pakistan).
From this project, will rebuild the 212 lengths of highways and 33 bridges that improving traffic management and boost up the economic growth, which damaged by the flood in 2010.
This loan will help to improve the capacity of National Highway Authority (NHA) as well the staff with necessary skills to meet the challenge of recurring natural disasters.
Werner Liepach, (ADB Country Director for Pakistan),
“Pakistan is vulnerable to natural hazards and climate change events. ADB has been assisting the country in improving its disaster management capacity.
In addition to rehabilitation projects, ADB recently assisted Pakistan establish the National Disaster Risk Management Fund (NDRMF) strengthening country’s institutional, financial and physical capacity to reduce the socioeconomic and fiscal impacts of natural disasters”
After the construction of roads, the ADB will be working to increase the livelihood of communities that affected by floods. Pakistan transport sector provides2.3 a million jobs and also contributes 10% in gross domestic product.
This project is approximately will complete in September 2020, with the budget of $21.9 million.
ADB (Asian Development Bank) based in manila (Philippines) in 1966. Its purpose is to increase the economic growth, environment sustainable growth and reduce the poverty in Asia. ADB is celebrating 50 years of development with the partnership of 67 members from 48 regions.