fatman17
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800 million dollar for Karachi city mega project in Pakistan
Tuesday, 15 January 2008
Pakistan and Asian Development Bank (ADB) will hold 'final negotiations' on January 16, 2008 for $800 million loan for Karachi Mega City Development Project (KMCDP). The KMCDP is a project sponsored jointly by Sindh government and ADB with the main objective of enhancing the economic potential and living standard of Karachi and strengthening the mega city functions. A five-member delegation, led by City Nazim Mustafa Kamal, would leave for Manila late on Monday, the Nazim told on Monday. "We are going to hold final negotiations with the ADB on $800 million financial assistance for the Karachi Mega City Development Project", he said.
The delegation during its three-day visit would hold different rounds of talks with the officials of ADB. "We will discuss various modalities and, after successful negotiations, would proceed further", he added. Beside the Nazim, the delegation includes Ghulam Mohammad Mehar, Mumtaz-ur-Rehman, Shoaib Ahmed Siddiqui, and Roshan Ali. Project Co-ordinator Roshan told this reporter that the City government was likely to sign the agreement with the ADB next month. "During the visit we will be holding loan appraisal meeting with the ADB which would be followed by the loan appraisal mission within next weeks and then finally loan negotiations would be held," Roshan said.
He said the delegation would return by January 18. According to official sources the loan would be from the Bank's concessional Fund, and would cover 75 percent of total cost of the project.
The loan would be for a 32-year term including a grace period of eight years with a one-percent interest rate to be charged annually during the grace period and 1.5 percent thereafter. Sindh government would contribute the balance of $3.33 million equivalent, they said.
Projects to be undertaken under KMCDP include technical assistance in organisational development of Mega City Planning and capacity building of the CDGK, town municipal administrations and other civic agencies, water and solid waste management, katchi abadis, Urban Road Transport System, Corridors-I and II, Urban Traffic Control Project etc.
Tuesday, 15 January 2008
Pakistan and Asian Development Bank (ADB) will hold 'final negotiations' on January 16, 2008 for $800 million loan for Karachi Mega City Development Project (KMCDP). The KMCDP is a project sponsored jointly by Sindh government and ADB with the main objective of enhancing the economic potential and living standard of Karachi and strengthening the mega city functions. A five-member delegation, led by City Nazim Mustafa Kamal, would leave for Manila late on Monday, the Nazim told on Monday. "We are going to hold final negotiations with the ADB on $800 million financial assistance for the Karachi Mega City Development Project", he said.
The delegation during its three-day visit would hold different rounds of talks with the officials of ADB. "We will discuss various modalities and, after successful negotiations, would proceed further", he added. Beside the Nazim, the delegation includes Ghulam Mohammad Mehar, Mumtaz-ur-Rehman, Shoaib Ahmed Siddiqui, and Roshan Ali. Project Co-ordinator Roshan told this reporter that the City government was likely to sign the agreement with the ADB next month. "During the visit we will be holding loan appraisal meeting with the ADB which would be followed by the loan appraisal mission within next weeks and then finally loan negotiations would be held," Roshan said.
He said the delegation would return by January 18. According to official sources the loan would be from the Bank's concessional Fund, and would cover 75 percent of total cost of the project.
The loan would be for a 32-year term including a grace period of eight years with a one-percent interest rate to be charged annually during the grace period and 1.5 percent thereafter. Sindh government would contribute the balance of $3.33 million equivalent, they said.
Projects to be undertaken under KMCDP include technical assistance in organisational development of Mega City Planning and capacity building of the CDGK, town municipal administrations and other civic agencies, water and solid waste management, katchi abadis, Urban Road Transport System, Corridors-I and II, Urban Traffic Control Project etc.
