21 °C Prince George's County, US
July 20, 2019

ADB to Sign Financing Accord with Pakistan For Highway Project

The Asian Development Bank (ADB) will provide additional financing for a Motorway project in Pakistan and an agreement would be signed during the visit of the Vice President of the Bank beginning June 15.

ADB’s Country’s Director Warner Liepach met Pakistan’s Finance Minister Ishaq Dar in Islamabad and briefed the minister about the engagement of the senior ADB official. He said the Vice President will participate in the signing ceremony for additional financing for M-4 Shorkot-Khanewal highway project during his 5-day visit.

Pakistan is also hosting the Ministerial meeting of the Central Asian Regional Economic Cooperation (CAREC), to be held in Islamabad later this year. Pakistan has been actively participating in the CAREC activities, since joining the group in 2010.

ADB is supporting development of trade and transportation corridors in Central & South Asian region, promoting regional connectivity.

The ADB’s current portfolio for Pakistan also came under discussion. Mr. Liepach informed the Minister that most of the projects were progressing as per the timelines. He also stated that ADB’s financing program in Pakistan for the next three years was presently being discussed with the Economic Affairs Division.

 

Finance Minister Ishaq Dar appreciated the continued support of Asian Development Bank for the socio-economic development of Pakistan.

Related articles

Chairman Standard Chartered Bank Visits Pakistan

Mr. Jose Vinals, Chairman of Standard Chartered Bank, a British multinational banking and financial services company was in Pakistan this week and talks with senior government officials to discuss matters relating to banking in Pakistan.  He also called on Prime Minister Nawaz Sharif and expressed to further enhance cooperation with Pakistan.  Pakistan’s economy that posted […]

IMF Completes Review of Pakistan’s Performance For Release of $502 Tranche

Washington – The International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan after the completion of 9th review of its economic performance under an IMF loan program, paving the way for the release of about $502 million. The agreement was reached after a series of meeting between IMF team, headed by Harald Finger […]