The Government of Pakistan and the Asian Development Bank signed a concessional loan agreement amounting to USD $15 million for Punjab urban development projects, said a press release issued on Tuesday.

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.

Dr Syed Pervaiz Abbas, secretary, Economic Affairs Division (EAD) signed the loan agreement with Xiaohong Yang, country director, ADB.

The Local Government and Community Development Department, Government of the Punjab is the executing agency for the subject project.

The PRF is expected to be completed by 31st October, 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 federal secretary for Economic Affairs and the county director ADB expressed their strong commitment to further the cooperation for socio-economic development of Pakistan.