Friday, April 19, 2024

ADB Cancels $0.6M Grant for Gas Storage Development in Pakistan

The Asian Development Bank (ADB) has withdrawn a $0.6 million grant (approx. PKR 166.9 million) allocated for the development of Pakistan’s gas storage system after the Energy Division failed to meet the objectives of the Technical Assistance (TA) program between January 2022 and December 2023.

According to sources, the ADB’s decision to cancel the grant came after the Energy Division’s inability to achieve the goals outlined in the TA, which aimed to analyze and recommend gas storage modalities and options across Pakistan, considering safety, reliability, cost, and impact on amenities.

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Initially sanctioned on December 16, 2021, the TA sought to establish a policy, legal, and regulatory framework adhering to international best practices for the development, operation, and maintenance of gas storage facilities in Pakistan.

Despite being allocated $600,000 for implementation, with funding from ADB’s Technical Assistance Special Fund, the TA’s activities were halted in March 2023 due to Pakistan’s financial and economic challenges, rendering its outputs non-essential amidst shifting priorities.

As a result, the consulting firm tasked with undertaking the Gas Storage Development Systems Study was never engaged, leading to no disbursement from the TA. The program was officially closed on its original completion date, reflecting the uncertainties and challenging circumstances faced by Pakistan at the time.

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Zubair Yaqoob
Zubair Yaqoob
Zubair Yaqoob is a senior anchor, and an investigative journalist with an impressive 37 years of experience. Zubair's journalistic journey has been marked by a relentless pursuit of truth and a commitment to delivering impactful stories.Zubair's expertise extends beyond borders, reaching as far as Malaysia, where he has left an indelible mark on the international journalism landscape. His global perspective and keen analytical skills have allowed him to navigate diverse cultural landscapes, bringing a unique and enriching perspective to his reporting.Whether he's in the studio or on the field, Zubair continues to be a driving force in the world of journalism, bridging gaps, fostering understanding, and unraveling the stories that matter most. As the Headline PK Author, Zubair remains at the forefront of news, guiding audiences through the complexities of our ever-evolving world.

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