Pakistan and Asian Development Bank Sign $730 Million Agreements

The Government of Pakistan has signed agreements worth $730 million with the Asian Development Bank to support major development initiatives, as part of the Pakistan and Asian Development Bank agreement aimed at improving energy infrastructure and public sector reforms.

According to the Ministry of Economic Affairs, one of the two signed projects is the Second Power Transmission Project, which has a total value of $330 million. This project focuses on strengthening Pakistan’s electricity transmission system to meet future energy needs.

The second agreement covers a $400 million State-Owned Enterprises (SOEs) Transformation Program. This program is designed to improve governance, performance, and transparency of government-owned institutions across the country.

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Officials stated that the power transmission project will allow reliable delivery of around 2,300 megawatts of electricity from upcoming hydropower projects. Meanwhile, the SOEs reform program will ensure better implementation of the SOE Act and related policies.

The Asian Development Bank’s Country Director, Emma Fan, praised Pakistan’s strong commitment to reforms and said these initiatives will further support the government’s reform agenda, reinforcing the long-term impact of the Pakistan and Asian Development Bank agreement on economic stability and growth.