ISLAMABAD - New developments have been made in the long delayed mega project of Karachi Bus Rapid Transit.
Asian Infrastructure Investment Bank (AIIB) is likely to approve a $100 million loan for the Karachi Bus Rapid Transit (KBRT).
The AAIB is already processing a request for a loan of $160m for the Karachi water and sewerage services improvement project.
Besides, the Asian Development Bank (ADB) has agreed to provide $390m for the KBRT project. With this, the total financing by multilateral development banks will cost over $582m. The Sindh government will contribute $92.5m towards the project.
The project, estimated to cost $220m follows priorities set in the ADB country partnership strategy (2015-19), including improving connectivity and access — epecially for the poor — by promoting urban public transport systems, and reducing pollution through mass transit systems.