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[ad_1] The Asian Development Bank (ADB) has demonstrated a strong commitment to coming up with a comprehensive approach to help build the much-needed climate-resilient infrastructure for Pakistan which faced over $30 billion in losses after the devastating floods caused by heavy rains last year and fearing the same situation in the coming months. It will be a great assistance by one of the world’s top financial institutions to the cash-strapped nation that is still struggling to strengthen its economy which suffered a serious blow caused by economic slowdown during the deadly Coronavirus, worldwide shortage of petroleum products & food inflation after the Russia-Ukraine war, and devaluation of Pakistani currency against the US Dollar. With an objective of improved preparedness, the bank would help Pakistan in “strengthening infrastructure in such a way that if similar floods take place in future that infrastructure is strong enough to stand there,” Director General of Cen...

[ad_1] The Asian Development Bank (ADB) has announced that it will provide $250 million in loans to Pakistan to improve and expand its power transmission network in Punjab and Khyber Pakhtunkhwa provinces. The project aims to increase the transmission capacity and stability of the national grid, as well as reduce transmission losses and improve energy efficiency. According to a statement released by ADB on Friday, the Power Transmission Strengthening Project will involve the construction of new high-voltage transmission lines and the replacement of old ones in Lahore. The project will also enhance the management and operations of the National Transmission and Despatch Company Limited (NTDC), the state-owned entity responsible for the transmission of electricity across the country. The project will also support NTDC’s efforts to incorporate climate resilience and gender equality in its planning and activities. The loan is part of ADB’s ongoing support to Pakistan’s energy s...

[ad_1] The Indian economy grew 7.2 per cent in the 2022-23 fiscal ended March 2023. New Delhi: The Asian Development Bank (ADB) on Wednesday retained India's economic growth forecast at 6.4 per cent for the current financial year and 6.7 per cent for the next, saying robust domestic demand will continue to support the region's recovery. In an update to its Asian Development Outlook, the ADB said inflation is expected to continue to fall, approaching pre-pandemic levels as fuel and food prices decline. It forecast 3.6 per cent inflation this year for developing economies in Asia, and 3.4 per cent in 2024. The Indian economy grew 7.2 per cent in the 2022-23 fiscal ended March 2023. "Asia and the Pacific continues to recover from the pandemic at a steady pace," ADB Chief Economist Albert Park said. "Domestic demand and services activity are driving growth, while many economies are also benefiting from a strong recovery in tourism. However, industrial activity a...