Tag: ADB

ADB Approves $410m Financing Package for Barrick-Operated Reko Diq Project

Admin
Reko-Diq

ISLAMABAD: The Asian Development Bank (ADB) will extend a $410 million financing package to support the development of Pakistan’s Reko Diq copper and gold mine, one of the world’s largest untapped mineral deposits, operated by Barrick Gold. According to sources, the financing package includes $300 million in loans to Barrick and a $110 million guarantee for the Government of Pakistan. The $6.6 billion project, located in Balochistan, is jointly owned — 50 percent by Barrick and the remaining stake by the federal and provincial governments. The Reko Diq mine is…

Read More

Pakistan Secures $500m ADB Loan for Climate Resilience

Admin
SBP-ADB

KARACHI: The State Bank of Pakistan (SBP) has received $500 million from the Asian Development Bank (ADB) under the Climate Change and Disaster Resilience Enhancement Program (CDREP). The inflow, confirmed by the SBP on Friday, will strengthen Pakistan’s foreign exchange reserves. “These funds will be reflected in SBP’s reserves for the week ending November 29, 2024,” the central bank stated, adding that reserves are expected to surpass $12 billion by the end of the month, up from $11.42 billion as of November 22, 2024. The loan agreement with ADB, signed…

Read More

ADB Meets Minister: Investment Sought to Ready Discos for Privatisation

Admin
Asian-bank

ISLAMABAD — Minister for Power Sardar Awais Khan Leghari has called on development partners, including the Asian Development Bank (ADB), to invest in preparing Pakistan’s power Distribution Companies (Discos) for privatisation. The minister shared this proposal during a meeting with an ADB delegation led by Country Director Xiaoqin (Emma) Fan. Discussions centered on energy sector collaboration, with Leghari commending ADB’s contributions to Pakistan’s energy development, especially in transmission infrastructure. The minister outlined the government’s reform plans, noting the establishment of the Power Planning and Monitoring Company (PPMC) to provide policy…

Read More

ADB and WAPDA Deliberate Financial Aid for Water and Hydropower Initiatives

Admin
ADB-WAPDA

On March 12, 2024, a 13-member delegation from the Asian Development Bank (ADB), led by Country Director Mr. Yong Ye, convened with Chairman of WAPDA, Engr Lt Gen Sajjad Ghani (Retd), for discussions on water and hydropower projects. The ADB delegation, currently in Pakistan to conduct a Country Portfolio Review, engaged in a conclusive session with the Chairman concerning various projects. Matters pertaining to financing for WAPDA projects, specifically Kurram Tangi Dam Stage-II, Naulong Dam, and the Pattan Hydropower Project, were deliberated during the meeting. In attendance were key figures…

Read More

ADB gives $180m for water, waste management

Admin
Asian-Development-Bank

ISLAMABAD: The Asian Development Bank (ADB) on Tuesday announced that it had approved a $180 million loan to improve water supply and solid waste management services in Punjab’s two rapidly growing cities — Rawalpindi and Bahawalpur. In a statement, the Manila-based lending agency said the loan was expected to benefit about 1.5 million people through the Developing Resilient Environments and Advancing Municipal Services in Punjab and help curtail excessive groundwater extraction and urban environment degradation by expanding and modernising urban water supply in Rawalpindi and solid waste management systems in…

Read More