ADB and AIIB approve $10 crore loan for M4 Motorway Project Pakistan
Shares
ISLAMABAD: Asian Development Bank has approved $10 crore loan for the completion of Highway projects in Pakistan which would be the first financing of ADB with Asian Infrastructure Investment Bank.
According to the statement issued by Bank, Asian Infrastructure Investment Bank would provide $10 crore loan to Pakistan in current month which would be conditioned with the approval of its board meeting.
British institution for international development DFID would also provide $3.4 crore grant for the project while Asian Development Bank will arrange both DFID grant and AIIB loan as a lead financer.
ADB President Takehiko Nakao said in his statement that it is a historical milestone between ADB and AIIB as both financial institutions jointly want to fulfill infrastructure needs of Asia Pacific region.
Highlighting the importance of the Highway project, ADB President pointed out that this project has a lot of strategic importance which support South-North links and open new trade and business opportunities.
ADB further added in its statement that this project is also essential part of Central Asia Regional Economic Corporation Corridor that would play a vital role to reduce poverty and give opportunities for employment.
National Motorway M-4 64 km would be constructed from Shorkot to Khanewal under the project.
