Islamabad: The Asian Development Bank (ADB) has sanctioned a loan worth USD 235 million for developing the Karachi Bus Rapid Transit System (BRT), a news source reported.
According to an ADB official, the lending agency has approved these allocations as part of its USD 575-million-loan-scheme for the development of the Red Line BRT project in Karachi.
For financing the civil works and providing funds for the equipment costs, the Asian Infrastructure Investment Bank (AIIB) and the French Development Agency, AFD, would each sanction allocations worth USD 100 million. In addition, the Green Climate Fund (GCF) has pledged to provide USD 49 million for developing the project.
Meanwhile, the ADB has announced to release a loan of USD 37.2 million for the BRT initiative. Similarly, GCF plans to issue a grant worth USD 11.8 million in its bid to facilitate the climate change adaptation measures for Karachi's transport sector.
Following its completion, the Red Line BRT project would facilitate around 300,000 commuters in Karachi on a daily basis.