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