ADB, WB supported projects worth $1.25bn stalled

Islamabad: Projects worth $1.25 billion in collaboration with the Asian Development Bank (ADB) and the World Bank are stalled.

The document reveals that despite the passage of five years in financing agreements with multilateral institutions, $95 million in financing was received. A $150 million agreement with the ADB for the Emergency Assistance Project was signed in 2022.

The economic affairs document states that despite the passage of more than two years in the agreement with the ADB, there is zero physical progress. A $460 million agreement with the World Bank for the Khyber Pass Economic Corridor Project was signed in 2019, but despite the passage of more than five years, the physical progress is 1 percent and the financial progress is also zero percent.

The document reveals that the project is to be completed by 2026, for which only $2.8 million has been received so far. Failure to complete the projects according to the timeline would be a violation of agreements with the ADB and the World Bank.