Pakistan’s Economic Affairs Division (EAD) and Asian Development Bank (ADB), Monday, signed two loan agreements for provision of US$ 180 mil-lion for CAREC Corridor Development Investment Program and US$ 200 million for Punjab Intermediate Cities Improvement Investment Project.
The ADB has committed to provide US$ 800 mil-lion for financing infra-structure projects under the Central Asia Regional Economic Cooperation (CAREC) Corridor Development Investment Programme.
Under this programme, 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 43KMs along the existing 2-lane of Rato-dero–Shikarpur Road.
It will also help in rehabilitation of the existing 34 Kms 4-lane carriage-way 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 sys-tem, 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 Arif Ahmed Khan, Secretary, Economic Affairs Division (EAD) and Xiaohong Yang, Country Director, Asian De-velopment Bank (ADB). The representatives of National High-way Authority and Local Govern-ment & Community Development, Pun-jab also attended the ceremony.
Speaking on the occasion, Arif Ahmed Khan, Secre-tary 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.