GEO 436 ISLAMABAD: The Asian Development Bank (ADB) will grant a loan of $500 million to Pakistan for revival of its Railways department. The loan, to be provided under the Railway Investment Development Plan of the government, is aimed at turning the flailing department into a profitable one. Officials said the first installment of $120 million will be released next year while the remaining loan will be delivered in two installments until 2013. The ADB has also approved a separate $1.5 million in technical aid which will be spent on procurement, preparation of roadmap, hiring of consultants and project implementation. The final approval for the project will be given after a technical assistant for the railways submits a feasibility report to the bank by the end of the current year.
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