ADB to disburse $400m for energy to Pakistan

ISLAMABAD: Executive Director of Asian Development Bank (ADB) belonging to Pakistan, Sami Saeed on Tuesday informed Finance Minister Ishaq Dar that another $400 million were ready to be disbursed to Pakistan after the ADB’s Board approval under the Energy Sector Reforms Programme.
Federal Minister for Finance Senator Mohammad Ishaq Dar had a meeting with the Executive Director, Asian Development Bank (ADB) Mr. Sami Saeed here Tuesday.The Finance Minister welcomed the ADB Executive Director and shared with him details of his recent visit to Beijing for signing Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB). The Minister also exchanged views with Mr. Sami Saeed on ADB’s development programmes in Pakistan.
Mr. Sami Saeed said that AIIB had an important role to play for infrastructure development in Asian countries, specifically Pakistan, where the Government was focused on the energy, infrastructure and communication projects.
He said that the establishment of AIIB would help ADB in becoming more competitive and come up with better investment plans for its development partners. He added that Pakistan government’s positive measures for economic reforms had earned confidence of foreign investors who were eager to invest in mega projects in the country.
Mr. Sami Saeed also referred to Finance Minister’s meetings in Baku where he had presented Pakistan’s case for financing requirements in an emphatic manner and said that ADB was considering enhancing funding for Pakistan.
He informed the minister that ADB had approved on 30th June the amount of $225 million for the flood affectees out of which 65% will be for retroactive financing. Another $400 million were ready to be disbursed to Pakistan after the Board approval under the Energy Sector Reforms Programme. He informed the Minister that ADB was planning to contribute towards “Disaster Management Fund” for Pakistan along with other donors, enhancing the country’s capacity to guard against natural calamities.
The Finance Minister appreciated the support of ADB for Pakistan and said “ADB has been a great development partner for Pakistan. We appreciate its fair and independent working procedures. The Bank has always extended great support to Pakistan and we hope that it would continue to support Pakistan in future also”.