PESHAWAR: The Khyber Pakhtunkhwa (KP) government has decided to borrow $500 million from the Asian Development Bank (ADB) for the second phase of urban development projects in the province.
The KP government has formed a special committee headed by the Additional Chief Secretary to identify the development projects for the second phase of the urban development project. The Director General of Environmental Protection Agency, Chief Executive Officers of Water and Sanitation services Companies, Managing Director Urban Mobility Authority, Chief Physical Planning and Housing are the members of the committee. The committee will propose the annual plan and hold quarterly meetings to determine the timing of the projects’ completion.
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The official sources said that the provincial government will seek a loan from ADB to cover the cost of the projects. KP has already finalized the agreement to borrow $600 million for urban development projects in Peshawar, Mardan, Kohat, Abbottabad, Swat, DI Khan and Bannu. Though the project is not yet started, but the government has started decided to launch its second phase at the cost of $500 million.
The Pakistan Tehreek-e-Insaf (PTI)-led KP government has already borrowed more than Rs300 billion from ADB and other international financial institutions during the past seven year. Its repayment will start from 2024. The project for which the loan was obtained also includes BRT [Bus Rapid Transit] project, several power projects and urban development. The Pakistan Tehreek-e-Insaf critics are of the view that the loan will be a huge burden on the frail economy of the province.
The provincial government has decided to extend the BRT project to Khyber road, Warsak road and other feeder routes for which $100 million more will be borrowed. The government will made a plan for sustainable urban mobility to provide quality transport facilities in Mingora and Swat for which $200 million will be borrowed from an international financial institution.