In a setback, Asian Development Bank reportedly refuse to finance CPEC projects
ISLAMABAD - It has been revealed that Asian Development Bank has refused to finance projects being executed in Pakistan under the banner of CPEC .
The Asian Development Bank (ADB) said that it would not finance CPEC projects, saying that the bank is an international financial institution and since the CPEC is a bilateral initiative, ADB cannot become part of it. This was communicated by Tomoyuki Kimura, Director-General for ADB Strategy, Policy and Review Department while speaking to journalists.
The lending agency also linked its budgetary support to a good economic health certificate from the International Monetary Fund (IMF). ------------------------------
However, the ADB official said that the bank was ready to support regional initiatives like the Belt and Road Initiative (BRI), also a brainchild of the Chinese president. If the bank finds common objectives in any regional project including the BRI, it will extend financing.
ADB’s country director Yang maintained that there were common objectives between CPEC and Central Asia Regional Economic Cooperation (CAREC).