Top News

|  Kochi port to offer special facilities to handle cotton export trade  |    |  Railways to set up INR 200 cr solar power plant in Bhilai  |    |  Cargo traffic in five AP minor ports sinks  |    |  Railways eyes INR 10,000 crore revenue boost via 2 lakh screens at stations  |    |  Port of Virginia container traffic jump 8.9% 232,148 TEU in March  |    |  Asia-Europe rate continues weekly rise, up 1.6% to USD880 TEU  |    |  World Bank approves USD 375 m loan for developing NW-1  |    |  Satellite port will come up at Vijaydurg  |    |  Embraer ties up with Air India to set up MRO in Secunderabad  |    |  Riga quarterly container traffic increases 2.1% to 110,400 TEU  |    |  NDR group in tie-up for ICD  |    |  Konkan Railway to start special trains  |    |  Ashok Leyland plans INR 600 cr capex this fiscal  |    |  TM International Logistics gets nod to acquire special wagons  |    |  Adani Logistics commissions multimodal logistics park in Punjab  |    |  Yogi Adityanath govt. pushes for new airport in NCR  |    |  India steel import falls 36% to 7.4 mt in 2016-17  |    |  Hapag-Lloyd ups rates USD 200 TEU from South America to North America  |    |  South Eastern Railway achieves highest ever freight loading during the financial year 2016-17  |    |  CMA CGM hikes Asia to west coast Latin America rate USD 600 TEU May 15  |   
You are here: Home » International News » Infrastructure» ADB approves USD 100m loan for a Pakistani highway project

ADB approves USD 100m loan for a Pakistani highway project

11 June 2016 | Manila
 

transreproter

The Asian Development Bank (ADB) approved a USD 100 million loan, on Friday, with regard to a highway project in Pakistan.

The project will mark ADB's first co-financing with the Asian Infrastructure Investment Bank (AIIB).

According to a press release, issued on Friday, AIIB will provide a USD 100 million loan subject to its board approval, later this month.

The United Kingdom's Department for International Development (DFID) has also committed a USD 34 million grant for the project.

ADB President, Takehiko Nakao said, "this is a historic milestone for ADB and AIIB as we jointly aim to meet the pressing infrastructure needs in Asia and the Pacific region. The project has strategic value to Pakistan as it supports north-south connectivity, new trade, and business opportunities, which will boost jobs and cut poverty."

He also termed the project as an integral part of the Central Asia Regional Economic Cooperation (CAREC) corridors. ADB and AIIB have both been preparing projects for co-financing since last year.

A memorandum of understanding for collaboration was signed by Nakao and AIIB President, Liqun Jin, at the ADB's Annual Meeting in Frankfurt, Germany, in early May.

This project will fund the remaining 64-kilometer (km) long four-lane section of the M-4 National Motorway, which connected Shorkot and Khanewal in Punjab province.

The project constitutes a key part of a 1,800 km CAREC transport corridor, linking the port city of Karachi in the south, to the major primary production and population centres, including Lahore, Faisalabad, Islamabad and Peshawar, and on to Torkham on the northern border with Afghanistan. ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific region through not only an inclusive economic and environmentally sustainable growth, but also regional integration.

   
Transreproter Logo