The Economic Affairs Division (EAD) and Asian Development Bank (ADB) have signed two loan agreements, for provision of $180 million for CAREC Corridor Development Investment Program and $200 million for Punjab Intermediate Cities Improvement Investment Project.
ADB has committed to provide $800 million for financing infrastructure projects under the Central Asian Regional Economic Cooperation (CAREC) Corridor Development Investment Program.
Under this program, ADB will provide $180 million as the first tranche to National Highway Authority for improving road network along N-55.
NHA will construct an additional 66 KM 2-lane carriageway along the existing 2-lane of Petaro – Sehwan Road and another 43 KM along the existing 2-lane of Ratodero – Shikarpur Road.
It will also help in rehabilitation of the existing 34 KM 4-lane carriageway of Dara Adamkhel –Peshawar Road. Advisory services to NHA will also be provided for due diligence in preparing the projects under subsequent tranches.
ADB will also provide US$ 200 million for Punjab Intermediate Cities Improvement Investment Project.
Under this project, the Government of Punjab will improve urban services in Sahiwal and Sialkot cities. It will help improve water supply, sanitation & waste management system, parks, footpaths, green belts and bus terminals. As a result, quality of life of these cities will improve by making them more livable and sustainable.
The loan agreements were signed by Arif Ahmed Khan, Secretary Economic Affairs Division (EAD) ,and Xiaohong Yang, Country Director Asian Development Bank (ADB). The representatives of NHA and Local Government & Community Development, Punjab also attended the ceremony.
Speaking on the occasion, Arif Ahmed Khan, Secretary EAD appreciated ADB’s support for improving infrastructure and urban services in Pakistan. He reiterated that the Government of Pakistan is committed to improve regional connectivity by improving physical infrastructure and economic cooperation.
Additionally, Punjab Intermediate Cities Improvement Investment Project will improve urban services Sahiwal and Sialkot.