ADB to provide US$ 380 million for CAREC Corridor Investment Program, Punjab Intermediate Cities Improvement Project

Economic Affairs Division (EAD) and Asian Development Bank (ADB) have signed two loan agreements for provision of US$ 180 million for CAREC Corridor Development Investment Program and US$ 200 for Punjab Intermediate Cities Improvement Investment Project.

ADB has committed to provide US$ 800 million for financing infrastructure projects under the Central Asia Regional Economic Cooperation (CAREC) Corridor Development Investment Program. Under this program, ADB will provide US$ 180 million as first tranche to National Highway Authority for improving road network along N-55. NHA will construct additional 2-lane carriageway of 66 Kms along the existing 2-lane of Petaro – Sehwan Road and 43 Kms along the existing 2-lane of Ratodero – Shikarpur Road. It will also help in rehabilitation of the existing 34 Kms 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 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 to improve water supply, sanitation & 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 Mr. Arif Ahmed Khan, Secretary, Economic Affairs Division (EAD) and Ms. Xiaohong Yang, Country Director, Asian Development Bank (ADB). The representatives of National Highway Authority and Local Government & Community Development, Punjab also attended the ceremony.

Speaking on the occasion, Mr. Arif Ahmed Khan, Secretary EAD appreciated the 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. Further, Punjab Intermediate Cities Improvement Investment Project will make Sahiwal and Sialkot more livable and sustainable by providing state of the art urban services.