ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday said the Asian Development Bank’s (ADB) plans to partner in railways, public transport and mineral development in Pakistan could prove “revolutionary” for the country’s economic trajectory.
Media reports this week said ADB is in advanced talks to lead the financing of a $2 billion upgrade of a 500-km stretch of a railway line from Karachi to Rohri in the country’s south that was previously supposed to be funded by China. The upgrade has become urgent as it is needed to transport copper ore from the Reko Diq mine currently being developed by Canada’s Barrick Mining Corp. in the southwestern Balochistan province.
ADB will also reportedly provide a $410 million financing package to help develop the Reko Diq copper mine, one of the world’s largest untapped deposits.
“It is highly encouraging that ADB is interested in partnering in several major projects of Pakistan which will prove revolutionary in the country’s economic trajectory,” Sharif said after he met the lender’s president Masato Kanda in Islamabad, describing the Manila-based institution as “a reliable partner in Pakistan’s journey of development and prosperity.”
The PM added that cooperation in railways, public transport and mineral development would be “extremely beneficial for Pakistan’s economy.”
The prime minister also briefed the visiting team on reforms introduced by his government, including tax revenue mobilization, restructuring of the energy sector, fiscal stability measures, reductions in untargeted subsidies, expansion of social protection, and initiatives to counter climate change.
Kanda, in turn, praised Pakistan’s long association with the bank as a founding member and lauded recent reforms, according to Sharif’s office. He reaffirmed the ADB’s commitment to continued support, pledging enhanced cooperation in infrastructure development, institutional reforms, and climate change initiatives.
