Pakistan Asks ADB For More Funding For $10 Billion ML-1 Project

As the lender follows up on its new five year partnership strategy with the country, pakistan is seeking more financing from the Asian Development Bank for major infrastructure projects and public private partnerships, including the $10 billion Karachi Peshawar Main Railway Line project.

Key points

• The delegation held separate meetings with Economic Affairs Minister Ahad Khan Cheema and Finance Minister Muhammad Aurangzeb on Wednesday.
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• The Economic Affairs Division is discussing extra financing options with the ADB, including guarantees and private sector partnerships.
• Yang welcomed improvements in Pakistan's sovereign credit ratings and progress on macroeconomic stability.

Meanwhile, an ADB delegation led by Vice President for South, Central and West Asia Yingming Yang is in Islamabad for discussions on Pakistan's development priorities under the $10 billion Country Partnership Strategy for 2026 to 2030. It was approved by the ADB board in March.

Meanwhile, the delegation held separate meetings with Economic Affairs Minister Ahad Khan Cheema and Finance Minister Muhammad Aurangzeb on Wednesday. Pakistan has already secured $2 billion in ADB financing for the Karachi to Rohri section of the 1, 670 kilometer ML-1 project. It is at present under implementation. Local Banks Attract Rs. 13 Billion Deposits per Day in July.

Meanwhile, the Economic Affairs Division is discussing extra financing options with the ADB, including guarantees and private sector partnerships. While highlighting ML-1 as a national flagship project, cheema additionally called on the bank to expand its private sector operations in Pakistan.

Meanwhile, the administration additionally briefed the ADB on its fiscal, structural and governance reforms and intends to strengthen public private partnerships. While privatization remained a administration priority, cheema remarked work was underway to improve project implementation and develop a pipeline of commercially viable projects.

Yang welcomed improvements in Pakistan's sovereign credit ratings and progress on macroeconomic stability. He additionally acknowledged Pakistan's efforts to improve project readiness and stated the country had provided an opportunity for the ADB to introduce innovative financing tools, including policy based guarantees and guarantees for Panda bond issuance.

Notably, the ADB vice president additionally reaffirmed the bank's backing for ML-1 and its early groundbreaking. He proposed setting up a working group on institutional reforms in Pakistan Railways, with the process projected to commence shortly.

In a separate session with Aurangzeb, Yang praised Pakistan's progress in macroeconomic stabilization, fiscal management and the external account, saying the improvements in sovereign credit ratings reflected continued reform efforts and stronger economic fundamentals. Stay Connected with ProPakistani.

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In short, pakistan Asks ADB For More Funding For $10 Billion ML is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.