Peshawar: The administration of Khyber Pakhtunkhwa (KP) has chosen to borrow $500 million from the Asian Development Bank (ADB) to fund the province’s second phase of urban development projects.
The government of KP has constituted a special committee, led by the Additional Chief Secretary, to identify development projects for the project’s second phase. According to official sources, the provincial government will seek a loan from the Asian Development Bank to fund these initiatives.
KP has already declared that it will borrow over $600 million for urban development projects in Peshawar, Mardan, Kohat, Abbottabad, Swat, DI Khan, and Bannu, but it has now chosen to borrow additional $500 million for the project’s second phase.
The committee includes the Director-General of the Environmental Protection Agency (EPA), Chief Executive Officers of Water and Sanitation Services Companies, the Managing Director of the Urban Mobility Authority, the International Development Chief, and the Physical Planning and Housing Chief.
In addition, the committee will propose an annual plan and hold a quarterly meeting to determine the project’s completion timeline. In the previous seven years, the KP government has borrowed more than Rs300 billion from the Asian Development Bank and other international financial institutions, according to sources.
In 2024, the loan will be repaid. The BRT project, electricity projects, and freshly begun urban development projects are among the projects for which the financing was received.