The Asian Development Bank (ADB) has said it is to finance an ultra-modern water treatment plant at the Sialkot Tanneries Zone in the Punjab province, Pakistan.

The facility, which will be located on Sialkot-Wazirabad Road, will cost Rs1.6 billion ($27.8 million) to build.

The bank made the announcement on Sunday while presenting to a meeting of local traders at the Sialkot Chamber of Commerce and Industry (SCCI).

During the conference, the bank commended Sialkot’s export industry and recommended that the city should further boost its export-orientated cottage industries which already generate $700 million in foreign exchange per year.

ADB added that the Sialkot Export Processing Zone (EPZ), the Sialkot Tanneries Zone and Sialkot International Airport were important projects that could attract foreign investment and opportunities for Sialkot’s business community.

SCCI’s president, Babar Iqbal and vice president, Malik Muhammad Ashraf and the director of Sialkot Airport, Dr Malik Muhammad Ashraf have all welcomed ADB’s planned investment in the tanneries zone.

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