ADB approves $196.9mln loan for post-flood national highways rehabilitation

ISLAMABAD: The Asian Development Bank (ADB) has approved a $196.9 million loan to help Pakistan complete post-flood national highways rehabilitation project, a statement said on
Monday.

“The Economic Affairs Division signed a loan agreement for Post-Flood National Highways Rehabilitation Project with the Asian Development Bank,” the statement said.“The total estimated cost of this project is $218.8 million, out of which Asian Development Bank will provide $196.9 million.”

Tariq Bajwa, secretary Economic Affairs Division and Werner E. Liepach, Country Director, Asian Development Bank signed the loan agreement. The statement said the planned project will contribute to the economic recovery of flood-affected areas in Khyber Pakhtunkhwa, Punjab, and Sindh provinces.

“It will restore critical physical infrastructure to sustain livelihoods and access to markets as well as build post-disaster traffic management capacity of the NHA,” it added. Under the project, National Highway Authority will rehabilitate 212 kilometer roads and 33 bridges of the national highways network. The project will be completed in  three years.

Bajwa, Secretary expressed gratitude to the Asian Development Bank for providing vital support for infrastructure building in Pakistan and assured the commitment of the government to mobilise all out efforts for taking measures to improve the physical infrastructure.

“An efficient and rapid highways network provides economic benefits that result in multiplier effects such as better accessibility to markets, employment and additional investments,” Bajwa said.

“This is even more so in a global economy where economic opportunities have been increasingly related to the mobility of people, goods and information.” Liepach of Asian Development Bank assured of the bank’s continued support and appreciated the government’s efforts for investing in infrastructure.

The Asian Development Bank, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.

Established in 1966, ADB in December 2016 will mark 50 years of development partnership in the region. It is owned by 67 members—48 from the region. In 2015, the Asian Development Bank assistance totaled $27.2 billion, including cofinancing of $10.7 billion.