ISLAMABAD, Sept 6: The Asian Development Bank (ADB) would enhance to $2 billion its annual financial assistance to Pakistan.

This was stated by Juan Miranda, director general of the ADB Central and West Asia Department, in a meeting with the adviser to the prime minister on finance and revenue, Dr Salman Shah, here on Wednesday.

Mr Miranda, who was leading a high-level delegation, said the money would be utilised for the development of energy, transport, urban services, infrastructure and the social sectors as well as for second generation reforms and projects in the water and agriculture sector.

Support will be provided for financial sector and capital market reforms and for public resource management.

Referring to the proposed mega city project in Karachi, Mr Miranda said the project would involve about $800 million. He also shared the bank’s plans to invest about $250 million in energy and power sector this year.

The ADB would spend $150-200 million a year on implementing the programmes of the National Highway Authority (NHA). Over $1 billion investment would also be made for National Trade Corridor connecting Karachi with northern borders under the proposed programme.

The bank also showed its readiness to finance projects in education, health and sanitation.

Mr Miranda emphasized on improving productivity, efficiency, credibility and liberalisation in the overall development plans of the country.

He also stressed that more and frequent interactions would be held between the ADB and the project executors for successful and timely completion of the projects.