ISLAMABAD: The Asian Development Bank (ADB) has approved a $235 million loan to help develop to develop Karachi’s Bus Rapid Transit project. According to a press release issued by the bank on Friday, the Karachi BRT Red Line Project will deliver the 26.6 kilometers BRT Line Red Line and its associated facilities, which they said will benefit 1.5 million individuals, who live within a km of the Red Line BRT station. The ADB said that over 300,000 passengers are expected on the Red Line BRT routes daily. ADB will “partially administer” two $100 million loans from the Asian Infrastructure Investment Bank and the Agence Française de Développement to jointly finance the project’s civil works and equipment costs. ADB will also administer a $37.2 million loan and an $11.8 million grant from the Green Climate Fund (GCF).

Source: Pakistan Today July 05, 2019 07:52 UTC