Minister pushes for AIIB financing of Sukkur-Hyderabad motorway

MG News | November 07, 2024 at 11:25 AM GMT+05:00

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November 07, 2024 (MLN): Federal Minister for Economic Affairs, Ahad Khan Cheema, yesterday urged the Asian Infrastructure Investment Bank (AIIB) to consider financing the Sukkur-Hyderabad section of the Karachi-Peshawar Motorway (PKM) (M-6), which would complete the motorway network from Karachi to Peshawar.

He made these remarks during a meeting with Konstantin Limitovskiy, Vice President of the AIIB, who discussed AIIB’s current projects, pipeline portfolio, and opportunities for new financing initiatives in Pakistan.

The Secretary of the Economic Affairs Division also attended the meeting.

In his opening remarks, Minister Cheema expressed gratitude for AIIB’s steadfast support, particularly during the 2022 floods.

He commended the Bank’s investment in Pakistan and recommended that AIIB enhance its presence in Pakistan at a senior level when the volume of investment increases.

Minister Cheema also acknowledged the Bank’s commitment to the Project Preparation Special Fund (PPSF) for the preparatory work on the Improvement and Widening of the N-5 Project, expressing satisfaction with AIIB’s contributions to its financing and progress.

He emphasized that AIIB’s involvement would be instrumental in the project’s success.

Highlighting the government’s priorities of regional connectivity and economic growth, Minister Cheema conveyed Pakistan's high regard for AIIB’s support in infrastructure development.

The Secretary of the Economic Affairs Division requested AIIB to expand its portfolio in Pakistan, particularly emphasizing the strategic importance of the N-5 as a high-priority government project.

Limitovskiy, AIIB Vice President, expressed confidence in the Economic Affairs Division's project review process and anticipated timely resolution of outstanding project issues.

He reaffirmed AIIB’s commitment to prioritizing the N-5 Project and praised Pakistan’s cooperation in advancing the Bank’s portfolio. Additionally, he indicated AIIB's interest in exploring future investments in Pakistan's energy transmission sector.

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