KARACHI, Feb 20: The Asian Development Bank has agreed to release the first tranche of $200 million of the $800 million grant for mega city development projects ahead of schedule appreciating the fast pace of work.

The first installment will be released in May instead of August, as scheduled, said City Nazim Mustafa Kamal.

The grant would be utilized in the development projects of roads, flyovers, solid waste management, education health and other infrastructure projects, the nazim said after a meeting with a seven-member delegation of the Asian Development Bank, led by Central and West Asia Department Director General Juan Miranda, who called on him at his secretariat on Tuesday.

City Nazim Mustafa Kamal informed the delegation that the city government had finalised its preparations to implement on Karachi Mega City Development Project and also asked to issue the first installment of $200 million in May.

The head of delegation assured the nazim that they would issue the first installment in May due to the city government’s extraordinary performance.

In reply to a question, the nazim said the city government had fulfilled all ADB terms and conditions. “We want to start projects of reviving infrastructure of city simultaneously for the greater benefit of citizens,” he added.

He said the study for signal-free Corridor-II was in progress while different development projects with $200 million (Rs12 billion) first installment of ADB would be started in May.