21 °C Prince George's County, US
November 29, 2021

UK, ADB Provides $134 Million for Pakistan’s Motorway Project

The Asian Development Bank signed a loan agreement with Pakistan for the provision of $100 million for Motorway project, during the visit by the Bank’s Vice President to the South Asian country.

Department of International Development, UK, is also providing $34 for the National Motorway which will link two cities in the central province of Punjab.

ADB’s Vice President Wencai Zhang met Pakistan’s Finance Minister Ishaq Dar in Islamabad on Tuesday and assured full support to Pakistan’s infrastructure project. He praised the significant improvement in the country’s economy which has been upgraded to Emerging Market from Frontier Markets by MSCI recently.

“There is significant increase in forex reserves, inflation is down considerably compared to the situation in early 2013. Given the global situation, the GDP growth is also quite satisfactory”, Zhang added.

The ADB Vice Chief said that financing for reforms in public sector enterprises has been enhanced from $150 million to $300  million.

He evinced keen interest in possible financing in the Pak-China Economic Corridor Project as well as developing connectivity between Gwadar Port and other areas in Pakistan as well as the region.

Pak-China Economic Corridor Project involves $46 billion Chinese investment on infrastructure projects and power plants, and has been praised by the international donors as a project which has helped in the country’s economic growth.

 

Related articles

U.S. Economy Bounces Back in 2Q After a Slow Start

Washington – Surge in consumer spending and an upturn in exports helped the U.S. economy bounced back in April-June period after a slow start in the first quarter, according to the first estimates released by the Commerce Department. The real gross domestic product, the value of production of goods and services, rose at annual rate […]

Pakistan Stock Exchange Launched, Key KSE-100 Index Merged

Pakistan Stock Exchange, combining all the three stock exchanges, including the benchmark Karachi Stock Exchange (KSE-100) was formally launched on Jan. 11. The index of the Pakistan Stock Exchange, launched by Finance Minister Ishaq Dar at a ceremony in Islamabad, is “PSX”. Pakistan’s three leading bourses – Karachi, Lahore and Islamic Stock exchanges – last […]