ISLAMABAD: Pakistan and the Asian Development Bank (ADB) have signed three agreements aimed at boosting infrastructure and development initiatives in the country.
The projects included under the agreements are the Karachi–Rohri section of the ML-1 railway line, Quetta Bus Rapid Transit (BRT) system, and the Balochistan Water Resources Development Sector project.
According to the Ministry of Economic Affairs, the agreements will support key development sectors and help enhance connectivity, urban transport, and water resource management.
The Secretary of Economic Affairs expressed gratitude to the Asian Development Bank for its cooperation, stating that ADB’s assistance in major national projects is highly valued.
Earlier, Saudi Arabia had extended the term of its $3 billion deposit placed with the State Bank of Pakistan (SBP) for one more year, providing continued support to the country’s foreign exchange reserves.
According to sources, the maturity period of the Saudi deposit was scheduled to expire today; however, the Saudi Fund for Development (SFD) has formally granted an extension.
The amount, held with the State Bank of Pakistan, will remain in place under the renewed arrangement, offering stability to Pakistan’s external account and financial position.