LAHORE: The Asian Development Bank (ADB) on Wednesday announced it has approved three projects – totalling $658.8 million to help Pakistan achieve its goal of more inclusive and sustainable growth and development.
“This multifaceted approach is to enhance support for Pakistan to “improve its economic situation and enhance the quality of life for its people,†said ADB Director General for Central and West Asia Yevgeniy Zhukov in a statement issued here.
The statement pointed out the projects approved will focus on improving domestic resource mobilisation; rehabilitating schools damaged by devastating August 2022 floods; and enhancing agricultural productivity to improve food security.
Yevgeniy Zhukov said this significant new wave of financing will help Pakistan recover from the impacts of last year’s cost-of-living crisis and super-floods and return to the path of long-term development that is sustainable and inclusive.
It added that the on-going project Sindh Secondary Education Improvement Project will receive an additional funding of $275m as an emergency assistance loan, which is already a part of ADB’s pledge to help Pakistan recover from the 2022 catastrophic inundation.
This will include rebuilding up to 1,600 schools using climate-resilient and gender-inclusive designs to support the vulnerable segments of Sindh impacted by climate-related disasters.
Furthermore, $80m will be provided to the Khyber Pakhtunkhwa Food Security Support Project to help address the growing food insecurity in Pakistan made worse by climate change.
The aim of this, according to the statement is to “enhance food security, and boost the livelihoods of rural farm households in the most flood-damaged districts in the province.â€
This project will do so by providing essential agriculture inputs and training to smallholder farmers, including women, and improving household nutrition.
