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