COBP To Be Extended Over 2017-19: ADB

COBP to be extended over 2017-19: ADB

ISLAMABAD, (UrduPoint / Pakistan Point News -6th Sept,2016) : Country Director Asian Development Bank, Werner Leipach here on Tuesday informed the Minister for Finance, Muhammad Ishaq Dar that Country Operation business Plan (COBP) will be extended over 2017-2019.

The ADB representative called on Finance Minister and briefed him about development on Country Operation Business Plan (COBP), Central Asia Regional Economic Cooperation (CAREC) creation of Disaster Management Fund (DMF) and preparation for upcoming meeting.

The COBP contains the indicative resource allocations and pipeline projects for the next three years. The plan is reviewed and up dated every year on rolling basis and total allocations for the plan stands at US$ 5,910 million, he added.

The prominent sectors covered in the plan are energy, transport, disaster management, water and urban services, agriculture and infrastructure financing. The plan will benefit Federal government, provinces, Azad Jammu and Kashmir, Federally Administrated Tribal Areas (ATA) and Gilgit Baltistan, he added.

He said that Central Asia Regional Economic Cooperation (CAREC) is plan aimed enhancing at connectivity with Economic Transformation.

He informed that the meeting of the stakeholders, representatives from CAREC countries, development partners is schedule in October 2016 at Islamabad.

The purpose of the meeting is to showcase success, identify gaps/challenges and to incentivise private sector involvement and financing partnerships. Pakistan is planning to enhance facilities and provide Technical Assistance to member countries.

The Finance Minister was also briefed about National Disaster Risk Management Fund which will be operationalized through a broad based stakeholder general body. The funding from ADB will be US$ 1 billion with government's share of US$ 250 million and funding will come through 4 tranches of US$ 250 million each year from ADB.

Australia, Belgium, Norway and Japan are also sighted as prospective donors. The Minister appreciated role of ADB as a development partner and expressed satisfaction over broader contours of the plans presented before him in the meeting The meeting was attended by officials of the ADB and Ministry of Finance.