15 January 2004	Thursday	22 Ziqa'ad 1424

ISLAMABAD, Jan 14: The Asian Development Bank is fully cognizant of the development challenges facing Pakistan and remains committed to providing all necessary financial and technical assistance for sustainable economic growth and reduction of poverty in the country.

This was stated by ADB Country Director Marshuk Ali Shah at a press conference while presenting the overview of "ADB and Pakistan: 2003 Operations" here on Wednesday.

In this context, he said under its country strategy and programme, the ADB would continue to provide support for second generation reforms at the provincial and sector levels to deepen the ongoing governance and economic reform programme in the country.

Mr Shah assured Pakistan that continued support and assistance would also be provided for targeted poverty reduction projects with a focus on employment creation and rural development.

He said that continuing with its strong commitment and support to the government's reform programme and poverty reduction strategy, the ADB approved $870.7 million in lending assistance in 2003 for five projects.

In terms of sources of funds, he said $178 million were from the ADF resources, and the balance from OCR, he added. Projects approved in 2003 are: SME Sector Development Programme ($170m); Sindh Devolved Social Services Programme ($220m); Balochistan Road Sector Development Project ($186.7m); Punjab Resource Management Programme ($204m); and Southern Punjab Basic Urban Services Project ($90 million).

Mr Shah said that ADB's Country Strategy and Programme for Pakistan (CSP) for 2002-06 was approved by the ADB Board in May 2002. The main thrust of the CSP is on supporting poverty reduction in Pakistan through the provisions of assistance in priority areas of shared strategic interest and importance, he remarked.-APP