ADB OKs US$100m Pakistan road deal
Print Edition
THE Asian Development Bank yesterday approved a US$100 million loan for a highway project in Pakistan in its first co-financing deal with the China-led Asian Infrastructure Investment Bank.
The AIIB will provide a US$100 million counterpart loan subject to board approval later this month while the UK’s Department of International Development is extending a US$34 million grant, the ADB said. The Manila-based lender will serve as lead financier and administrator for the loan and the grant.
The AIIB has been viewed by some as a rival to the US-led World Bank and the Japan-led ADB.
Takehiko Nakao, ADB’s president, said the project will fund the remaining 64-kilometer four-lane section of a highway connecting Shorkot and Khanewal in Punjab.
It has strategic value to Pakistan as it supports north-south connectivity, boosts businesses and jobs, and will help cut poverty, he said.
“This is a historic milestone for ADB and AIIB as we jointly aim to meet the pressing infrastructure needs in Asia and the Pacific region,” Nakao said.
The banks have been preparing projects for co-financing since last year and signed a memorandum of understanding in May.
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