ISLAMABAD: Pakistan needs political stability and continuity of democratic process to ensure economic growth and development and to achieve its huge potential of becoming a regional hub for trade and commerce, said Asian Development Bank President Takehiko Nakao.

Speaking at a joint news conference with Finance Minister Ishaq Dar on conclusion of his two-day visit to Pakistan, the ADB chief said he was impressed by strong commitment shown by the Pakistan leadership towards macroeconomic reforms and promised to provide maximum support for people affected by devastating floods and military operation in Waziristan.

“ADB will continue to support the people of Pakistan during this difficult time. It will work with the government to rebuild infrastructure and restore the livelihoods of people affected by these terrible disasters,” he said.

Mr Nakao said he had very substantive and fruitful meetings with President Mamnoon Hussain, Prime Minister Nawaz Sharif, Finance Minister Dar and SBP Governor Ashraf Wathra and was impressed by “remarkable achievements the government has made in economic recovery in about a year and encouraged by strong commitment for economic reforms”.

Responding to a question, he said the ADB supported the $13 billion Diamer Bhasha dam because it was important not only for energy supply but also for flood management and irrigation. But the government should consider various options on the financial feasibility of seeking support for the dam because it was also pursuing $7-8bn Dasu Hydropower Project, he said.

When asked if the ADB would become consortium leader for the Bhasha dam, he did not answer the question.

He said work on the Turkmenis­tan-Afghanistan-Pakistan-India gas pipeline was moving satisfactorily and expressed the hope that the project would be materialised soon.

Finance Minister Ishaq Dar said the government had arranged financing for the Dasu project and would complete Bhasha dam at all cost because it was very important for controlling floods, overcoming water shortage and providing 4,500MW of electricity.

He said Bhasha dam was a commercially viable project and many leading investors would like to be part of it. The government, he said, was in the process of land acquisition from its own resources.

Mr Dar said the government had arranged full financing for Dasu Hydropower project and would also complete Bhasha dam at all cost because it was very important for controlling floods, overcoming water shortage and generating 4,500MW of electricity.

He said the USAID was arranging a business opportunity conference in Washington next month where a lot of business tycoons would have the opportunity to know about the Bhasha dam project.

He said the Bhasha dam was a commercially viable project and leading investors would like to be part of it.

Published in Dawn, September 18th , 2014