ISLAMABAD: The Asian Development Bank (ADB) has decided to extend its current Country Operation Business Plan (COBP) for Pakistan to 2017-19 which contains the indicative resource allocations and pipeline projects for the next three years.

The current business plan covering 2016-18 period, is aligned with ADB’s country partnership strategy (2015-19).

ADB Country Director Werner Leipach held a meeting with Finance Minister Ishaq Dar on Tuesday and briefed him about development on the COBP, Central Asia Regional Economic Cooperation (CAREC), creation of Disaster Management Fund (DMF) and preparation for upcoming meeting.

The total allocations for the plan stand at $5.910 billion. The prominent sectors covered are energy, transport, disaster management, water and urban services, agriculture and infrastructure financing. It will benefit federal government, provinces, AJK, Fata and Gilgit-Baltistan.

CAREC is aimed at enhancing connectivity with economic transformation. The meeting of the stakeholders, representatives from CAREC countries, development partners is schedule in October 2016 at Islamabad.

The purpose of the meeting is to showcase success, identify gaps/challenges and to incentivise private sector involvement and financing partnerships. Pakistan is planning to enhance facilities and provide technical assistance to member countries.

The finance minister was also briefed about National Disaster Risk Management Fund which will be operationalised through a broad based stakeholder general body. The funding from ADB will be $1bn with Pakistan share of $250m. The funding will come through four tranches of $250m each year from ADB. Australia, Belgium, Norway and Japan are also sighted as prospective donors.

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