ISLAMABAD, 26 September: The Asian Development Bank (ADB) on Tuesday approved an $800 million investment plan that seeks to improve Pakistan’s regional connectivity and trade in the Central Asia Regional Economic Cooperation (CAREC) corridors of Pakistan.
A press release, issued here by ADB, said that the plan would help increase Pakistan’s regional connectivity and rehabilitate a total of 747 kilometres of Pakistan’s road along the CAREC corridor.
It said that roads in Khyber Pakhtunhwa, Sindh and Punjab would be improved at a cost of $180 million under the first phase. Besides, the second and third tranches that $260m and $360m would be approved in 2019 and 2021.
The investment program will focus on strengthening the capacity of the National Highway Authority to conduct due diligence work. and ensure implementation of each portion of the project as designed, the press release said.
Dong-Soo Pyo, ADB’s Director, Transport and Communications Division, Central and West Asia Department said that The investment program would help the Government of Pakistan realize its potential, improving trade and connectivity in the CAREC corridors with the long-term goal of achieving inclusive growth and sustainable development in mind.