ADB, World Bank Projects Worth $1.25 Billion Facing Big Delays in Pakistan

Projects worth $1.25 billion funded by the Asian Development Bank (ADB) and the World Bank are facing big delays, according to official documents seen by ProPakistani. Despite financing agreements spanning five years, only $95 million has been disbursed. The $640 million Central Asia Regional Economic Cooperation Corridor Development Investment Program under ADB supervision has disbursed just $80 million. The physical progress of projects under this program is considered unsatisfactory. A $150 million Emergency Assistance Project agreement signed with the ADB in 2022 has shown zero physical progress over the last two years. The $460 million Khyber Pass Economic Corridor Project, initiated with the World Bank in 2019, has recorded only 1 percent physical progress and just $2.8 million has been spent so far. The project is scheduled for completion by 2026. Sources added that failure to adhere to agreed timelines could result in violations of terms with the ADB and the World Bank and potentially jeopardize future financing engagements.