Business and Economics
NDB volunteers to clean ‘Magalla Wewa’ Tank in Kurunegala district

Water conservation and pollution control is vital to sustaining the environment and mitigating climate change.

‘Magalla Wewa’ is anancient Tankbuilt during the era of King Mahasen. The Tank has an extent of around 3000 acres and is situated close to the Nikaweratiya Town in the Kurunegala District. The Tank Bund with an extent of 3000 acres had become a dumping ground for garbage causing serious damage to the environment.

NDB North Central Region identified these problems and selected this as their Employee Volunteerism project for 2019. Over 75 volunteers joined the officials of the ‘Irrigation Department Nikaweratiya’ and the ‘Govi Samithiya Nikaweratiya’ to clean this area. Around 40 students from ‘Jayanthi Madya Maha Vidyalaya’ and ‘Rajabima Vidyalaya’ in Nikaweratiya were also willing participants in this worthy cause. The project commenced with an ‘Awareness Session’ for the students, residents and the public on environmental conservation and reforestation.



Hyundai Wia wins $596 mn order from U.S. and European auto makers

Hyundai Wia, a parts-making unit of South Korea's Hyundai auto group, has secured a major order worth 702.1 billion won ($596 million) to supply constant-velocity joints for premium auto companies in Europe and the United States. Company names were not disclosed.

Hyundai Wia said its constant-velocity joints minimized noise and vibration and reduced weight while increasing their rigidity and rotation angle. Fifty-five percent of the parts will be supplied to eco-friendly vehicles. Constant-velocity joints allow a drive shaft to transmit power through a variable angle, at constant rotational speed, without an appreciable increase in friction or play. They are mainly used in front-wheel-drive vehicles. Modern rear-wheel-drive cars with independent rear suspension typically use constant-velocity joints at the ends of the rear axle half shafts and increasingly use them on the drive shaft.

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ADB approves $15 mn loan for Urban Development Planning in Punjab

The Asian Development Bank (ADB) has approved a $15 million loan that will help seven cities in Punjab province in Pakistan design comprehensive investment and public service delivery plans in preparation for upcoming urban development projects.

The loan will fund the preparation of spatial master plans, detailed engineering designs, and operational business plans for proposed projects in the cities of Bahawalpur, Dera Ghazi Khan, Multan, Muzaffargarh, Rahim Yar Khan, Rawalpindi, and Sargodha. It will help to ensure a high level of readiness ahead of the ensuing Punjab urban development projects and complement ADB’s existing technical assistance to Pakistan to conduct feasibility studies and explore innovations to improve the quality of urban services.

“The Government of Punjab has taken a proactive role in tackling urban development challenges in the province,” said ADB Senior Urban Development Specialist for Central and West Asia Mr. Jude Kohlhase.

“This loan will help the local governments improve spatial and urban planning, prepare environmental assessments, put in place gender action plans with a special focus on gender equality, and incorporate climate resilient designs for priority investments.”

Pakistan has experienced rapid urbanization as rural populations have migrated within the country to find jobs.

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