Bank to finance road projects
Frankfurt, Germany—Mr. Mohammad Ishaq Dar, Minister for Finance, Revenue, Economic Affairs, Statistics & Privatization held a meeting with Mr. JinLiqun, President Asian Infrastructure Investment Bank (AIIB) who was accompanied by Mr. Zhou Yong, Senior Adviser to the President, Sir Danny Alexander, Vice President, Mr. Huan Chen, Chief Officer and Henry Bell, Senior Secretariat Officer, Monday on the sidelines of the ADB’s Annual Board of Governors Meeting in Frankfurt, Germany. The Finance Minister was accompanied by Mr. Tariq Bajwa, Secretary EAD and other members of Pakistan’s delegation.
President Jin congratulated the Finance Minister on the economic turnaround in Pakistan under the leadership of Prime Minister and the Finance Minister’s stewardship. He further stated that AIIB was confident that after having achieved macro-economic stability, Pakistan is poised to move to a higher trajectory of economic growth and that AIIB is willing to continue its support in the months to come.
AIIB President Jin Liqun praised Pakistan’s rich potential in infrastructure sector and expressed his interest to finance infrastructure projects in Pakistan. AIIB will provide US$ 100 million as co-financing for the M-4 Motorway Shorkot-Khanewal Section.
President AIIB assured to continue its support in the months to come.
Pakistan’s road-construction development projects have been included in first phase of financial assistant from China’s led Asian Infrastructure Investment Bank (AIIB).
This is part of the MoU signed by AIIB and Asian Development Bank (ADB) on Monday to strengthen cooperation in undertaking infrastructure projects in the regional countries, the AIIB said in a statement.
According to the Chinese media reports, the two financial institutions inked the MOU in the German city of Frankfurt, where the ADB is holding its 49th annual meeting of its board of governors.
The agreement sets the stage for jointly-financed projects. Discussions have already begun about the co-financing of road and water projects.
The first of these projects is expected to be Pakistan’s M4 highway, a 64-kilometer motorway connecting Shorkot to Khanewal in Punjab Province, according to the statement.
AIIB and ADB agreed to strengthen co-operation, including co-financing, at the strategic and technical levels on the basis of “complementarily, value added, institutional strengths and comparative advantages, and mutual benefit,” according to the MOU.—INP