ADB willing to finance four-nation gas project
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ISLAMABAD, April 18: The Asian Development Bank (ADB) is willing to invest $5 billion in the Turkmenistan-Afghanistan-Pakistan-India (Tapi) gas pipeline and wants to support energy sector projects in Pakistan.
Talking to reporters at the end of his two-day visit on Friday, ADB’s Director-General for Central and West Asia Department Jaun M. Miranda said that although the bank was willing to finance the Tapi project, it would not finance the $7 billion Iran-Pakistan-India gas pipeline project on which the United States had reservations.
The Tapi project is expected to transport 100 million standard cubic metres per day (mscmd) of gas, of which India’s share is likely to be 60 mscmd. The 1,680-km pipeline will run from the Dauletabad gas field in Turkmenistan to Afghanistan.
Mr Miranda said the ADB would not reduce its annual financing to Pakistan, currently ranging between $1.5 billion and 2 billion. However, the bank would try to focus on priority areas. The ADB is at present funding 60 projects in Pakistan.
He said the bank was also willing to invest in dams and projects to reduce electricity transmission losses and improve private sector’s power production capacity.
Energy topped ADB’s priorities which included infrastructure, irrigation, urban services and reforms for the decentralisation process. He said the bank would restructure all slow-paced projects to accelerate their progress.
Next week, he said, the bank would release another $200 million for reconstruction activities in earthquake-hit areas.
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