Khyber Pakhtunkhwa government has announced plans to acquire substantial loans from international aid agencies in the fiscal year 2024-25, signaling a commitment to bolstering development initiatives in the region.
The provincial government has decided to secure loans amounting to PKR 121.75 billion for the upcoming fiscal year, aimed at financing various developmental projects across Peshawar and the wider province.
Of this amount, the majority will be sourced from the World Bank, with a staggering PKR 60.52 billion earmarked for development projects supported by the global financial institution. Additionally, loans totaling PKR 46.93 billion will be obtained from the Asian Development Bank, while the International Development Agency will provide a loan of PKR 12 billion.
Furthermore, the United States Agency for International Development (USAID) will extend a loan of PKR 3.09 billion, followed by the Islamic Development Bank with PKR 2.49 billion. Expectations are also high for a loan of PKR 1.49 billion from China.
In addition to loans, the provincial government is hopeful of securing grants worth PKR 8.83 billion and 30 lakhs from international aid agencies, further augmenting its financial resources for developmental projects.
This decision reflects the government’s proactive approach towards harnessing external funding to drive socio-economic development, infrastructure improvement, and poverty alleviation efforts in the region.