Pakistan and AIIB sign $1.6m loan agreement
ISLAMABAD – Pakistan and the Asian Infrastructure Investment Bank on Wednesday signed an advance loan agreement worth $1.6 million for the Lahore Water and Wastewater Management Project. Federal Minister of Economic Affairs Sardar Ayaz Sadiq attended the signing ceremony of the agreement at the Ministry of Economic Affairs. Dr. Kazim Niaz, Secretary, Economic Affairs Division, signed the agreement on behalf of the Government of Pakistan and Ms. Supee Teravaninthorn, Managing Director, Infrastructure Investment Department, Region 2, Asian Infrastructure Investment Bank , signed the agreement on behalf of the AIIB. On this occasion, the Minister of Economic Affairs welcomed the AIIB delegation to the ministry and expressed his gratitude for its continued support to the Pakistani government in its efforts to achieve sustainable economic and social development in the country. He informed the delegation that the project is of great importance to the city of Lahore as it will ensure a sustainable supply of safe water, reduce the deterioration of environmental impacts due to the disposal of untreated sewage and provide improved services to the greater public, helping to make it a financially strong city. entity. Preparatory activities will include the recruitment of two international PMCs, one each to support the engineering and design activities for the infrastructure components of the project. The PMCs will conduct design reviews, finalize tender documents, assist the executing agency in undertaking the tender process, update environmental and social assessments to take into account the planned land acquisition which will be completed after completion of the independent appraisal study and will verify that the necessary occupational health and safety provisions are incorporated, and assist the executing agency in updating the plans environmental and social management, when reviewing engineering designs, for inclusion in tender documents. Preparatory activities will also cover incremental operating costs related to the recruitment of relevant experts to support project implementation, office rental, transport and office expenses. The Secretary for Economic Affairs expressed his gratitude to the Asian Infrastructure Investment Bank team for providing continuous support to the Government of Pakistan in achieving national development goals. He also expressed the hope that the preparatory advance will lead to the rapid signing and implementation of the main project aimed at ensuring a sustainable supply of drinking water and improving the existing sewage system by providing new sewers/ main ducts, thus reducing the deterioration of environmental impacts.