The government and Asian Development Bank (ADB) Tuesday signed a concessional loan agreement amounting to $15 million for Punjab urban development projects.

This concessional loan is a Project Readiness Financing Facility for engineering and designing urban development projects in seven major cities across Punjab, as identified by the provincial government, said a statement issued by Ministry of Eoncomic Afairs here.

Economic Affairs Division (EAD) Secretary Dr Syed Pervaiz Abbas signed the loan agreement with ADB Country Director Xiaohong Yang.

Punjab government’s Local Government and Community Development Department is the executing agency for the subject projects.

The Procurement Ready Project (PRF) is expected to be completed by October 31, 2022. The PRF shall prepare readiness for ensuing projects across seven major cities in Punjab province, which are Bahawalpur, Dera Ghazi Khan, Multan, Muzaffargarh, Rahim Yar Khan, Rawalpindi, and Sargodha.

The activities under the PRF include preparation of spatial land use plans, updating surveys and studies, and investigating potential geological and hydrological sites proposed.

Conducting due diligence assessments, which will include technical, financial, economic and socioeconomic analysis, in addition to environmental and social impact assessments also proposed in projects.

The prepare detailed engineering designs (DEDs), advanced Procurement actions, if any institutional strengthening activities for metropolitan and municipal corporations/ committees also approved for improved service delivery models.

Federal Secretary for Economic Affairs and County Director of ADB expressed their strong commitment to further the cooperation for socioeconomic development of Pakistan.