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.