Author name: Web Desk

Manila, 26 November 2025 – The Asian Development Bank (ADB) has approved an additional $48 million loan to complete the delayed Balochistan Water Resources Development Sector Project in Pakistan, aimed at tackling severe water scarcity in the country’s largest province.The funding will finalize critical components including the Churi Infiltration Gallery subproject, development of the Siri Toi Dam command area, and watershed management initiatives previously stalled due to budget constraints. An innovative piped irrigation network will replace traditional open channels in the Siri Toi area, promising higher efficiency, reduced water losses, and better service delivery.Balochistan, home to 13 million people, relies on agriculture for nearly two-thirds of its economic output and 60% of employment. Yet frequent droughts, poor water management, and climate change have pushed poverty rates almost double the national average.“The project in the Zhob and Mula river basins supports livelihoods and creates economic opportunities, especially for women in agriculture,” said ADB Pakistan Country Director Emma Fan.Upon completion, Siri Toi Dam will store 36 million cubic meters of water, irrigating 16,592 hectares and bolstering climate-resilient farming. Watershed measures including afforestation and check dams will curb soil erosion and flood risks.Co-financed by Japan-funded trusts through ADB, the initiative seeks sustainable, equitable water management for long-term prosperity in one of Pakistan’s most vulnerable regions

Karachi: In a major step toward accelerating Pakistan’s digital and financial inclusion landscape, Mashreq has officially launched Mashreq NEO, the country’s first Islamic-first digital banking platform. The launch is a significant milestone for the MENA-based financial institution as it expands its digital footprint into Pakistan. Fully operational nationwide, Mashreq NEO offers a seamless, paperless, and Shariah-compliant digital banking experience designed for both resident and non-resident Pakistanis. Customers can open accounts within minutes, access profit-bearing current and savings accounts, and enjoy free digital transactions along with nationwide ATM availability. A key highlight of the platform is its Shariah-compliant remunerative current account, offering a market-first profit rate of up to 5% per annum. Additionally, its Islamic savings account delivers competitive returns of up to 10%, further strengthening its appeal in a country where Islamic banking adoption continues to grow. “Mashreq’s mission has always been to advance how people bank, save, and grow,” said Fernando Morillo, Group Head of Retail Banking at Mashreq and Chairman of Mashreq Bank Pakistan. “The launch of Mashreq NEO underscores our long-term commitment to empowering individuals and businesses in one of the world’s most dynamic digital markets with our global innovation legacy.” Built on a cloud-based infrastructure aligned with State Bank of Pakistan regulations, Mashreq NEO integrates international-grade security, scalability, and transparency. The bank aims to onboard 10 million customers within the next five years, with a strong focus on salaried professionals, freelancers, women entrepreneurs, and overseas Pakistanis. The platform’s debit cards, powered by leading payment networks, provide access to exclusive discounts at more than 30,000 outlets nationwide. For Non-Resident Pakistanis based in the UAE, the bank will offer instant account opening and zero-fee remittances by leveraging Mashreq’s global systems. “Pakistanis have always found a way to adapt, innovate, and move forward. It’s time their banking did the same,” said Muhammad Hamayun Sajjad, CEO of Mashreq Bank Pakistan. “Our Islamic-first digital model is designed to make everyday banking simple, transparent, and inclusive.” Industry observers note that Mashreq NEO’s entry aligns with the country’s broader push toward a digitally enabled financial ecosystem, as highlighted in recent analyses calling for deeper integration of digital channels to expand financial inclusion. With its global expertise and localized approach, Mashreq NEO aims to serve as a bridge between technological innovation and Pakistan’s evolving financial needs offering secure, ethical, and accessible digital banking to millions across the country.

LAHORE: Bangladesh’s High Commissioner Iqbal Hussain Khan announced that Mahan Air is likely to start three weekly flights between Karachi and Dhaka from next month. This would be a major step for trade between the two brotherly nations and a significant leap in strengthening connectivity.Speaking at the Lahore Chamber of Commerce & Industry (LCCI), the High Commissioner added that the visa process has been simplified. He said visas are now being issued on the joint recommendation of LCCI and the Bangladesh Honorary Consulate in Lahore, adding that visas will be issued to members within three to four days, making travel between the two countries faster and easier.The High Commissioner was warmly received by LCCI President Faheem ur Rehman Saigol. Senior Vice President Tanveer Ahmed Sheikh, EC Member Shouban Akhtar, former EC Member Naeem Hanif, and diplomat Mahfujol Hassan from the Bangladesh High Commission were also present at the event.LCCI President Faheem ur Rehman Saigol emphasized the historical and cultural ties between Pakistan and Bangladesh, describing the two countries as sharing a common heritage. He said Pakistan can increase rice exports to Bangladesh and also seek guidance from Bangladesh in the garments sector. He noted that both nations have opportunities to collaborate in IT, automobiles, and other industries. Currently, bilateral trade stands at approximately 700 million dollars, but there is potential to increase it to 3 billion dollars over the next few years. President Saigol added that direct flights would further enhance trade relations, and LCCI is ready to provide full support to the Bangladesh High Commission in this regard.The High Commissioner invited the LCCI President to lead a delegation to Bangladesh, to which President Saigol responded positively, stating that a delegation would visit Bangladesh soon. Highlighting trade opportunities, High Commissioner Khan said Pakistan can export rice to Bangladesh, while Bangladesh can supply fresh pineapples to Pakistan. He also pointed out significant potential in textiles and ready-made garments.He further mentioned that a direct cargo shipping service will soon be launched. While a cargo service between the two countries has been operational since last December, rising trade demand now requires a dedicated direct cargo route.In the education sector, the High Commissioner encouraged both countries to collaborate. The Higher Education Commission of Pakistan will soon send a delegation to Bangladesh, comprising representatives from twelve universities, with the aim of attracting more Bangladeshi students to study in Pakistan.He also highlighted Pakistan’s tourism sector as an area with considerable potential. The High Commissioner stressed the shared culture, history, and values of the two nations, describing them as closely connected and united as one community.

Islamabad: Pakistan and Malaysia have agreed to establish a new cooperation framework aimed at enhancing maritime training programs and deepening collaboration in the port sector. The breakthrough came during a bilateral meeting between Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry, and Malaysia’s Deputy Minister of Transport, Datuk Hasbi bin Habibollah, held on the sidelines of international maritime events in the United Kingdom on Tuesday. Both ministers reviewed existing cooperation under various MoUs and identified new areas for joint ventures, including faculty and cadet exchange programs, specialized training in port management, and technology transfer initiatives. Minister Chaudhry emphasized that the enhanced partnership will significantly boost Pakistan’s maritime human resource capabilities and modernize Gwadar and Karachi ports. An official statement from the Ministry termed the talks “highly productive,” adding that working groups will be formed soon to finalize actionable plans before the next Joint Ministerial Commission meeting.