ADB approves US$445.9m loan

ADB approves US$445.9m loan

MANILA (AFP): The Asian Development Bank (ADB) said Friday it had approved four loans totaling US$445.9 million for various projects in Indonesia, Nepal, Pakistan and Papua New Guinea.

Pakistan is to get a $300-million loan payable over 15 years to restructure and privatize two major utilities, the National Water and Power Development Authority and the Karachi Electric Supply Corp.

The bank said in a statement that it also approved a supplementary $50-million concessional loan and a $5-million soft loan for the energy sector.

Indonesia gets a 65-million-dollar soft loan to decentralize its health sector while Papua New Guinea gets a $15.3-million concessional loan to upgrade water supply and sanitation facilities for six of its towns.

Nepal will get a $10.6-million soft loan to reform its financial and corporate sectors.