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ADB provides 1.15 bln usd to Pakistan for road projects, reforms in Punjab
(Thomson Financial) - The Asian Development Bank (ADB) said it will provide Pakistan up to 1.15 bln usd in new loans to expand its key north-south highway network and for public sector reforms in Punjab province.
Both the programmes will boost the economy, which generates new jobs and reduces poverty, the ADB said.
Up to 900 mln will go for a 5.36 bln usd investment plan by Pakistan's National Highway Authority to rehabilitate and expand key sections of the country's main highway network, including upgrading the highway from Karachi to the city of Peshawar, and links to the port of Gwadar and the People's Republic of China.
With trade flows concentrated along one major north-south transport corridor, this programme will make road traffic more efficient and reduce transport costs. Cheaper transport costs will increase private sector productivity, which will help deepen and diversify the industrial base, both of which are necessary to provide jobs for the growing population, the ADB said.
The upgrade is also crucial for regional trade flows and will allow Pakistan to act as a transit artery for goods moving between Arabian Sea ports in the south and Central Asia and the People's Republic of China in the north, the ADB said.
The ADB will also provide Pakistan with 260.65 mln usd in loans and grants to assist Punjab province pursue reforms that will improve efficiency in the public sector.
Punjab, Pakistan's most populous province, needs continued infusion of public and private investments to keep pace with the growth requirements of the economy, while at the same time ensuring sound maintenance of the investments made, the ADB said.
TFN.newsdesk@thomson.com
ADB provides 1.15 bln usd to Pakistan for road projects, reforms in Punjab
(Thomson Financial) - The Asian Development Bank (ADB) said it will provide Pakistan up to 1.15 bln usd in new loans to expand its key north-south highway network and for public sector reforms in Punjab province.
Both the programmes will boost the economy, which generates new jobs and reduces poverty, the ADB said.
Up to 900 mln will go for a 5.36 bln usd investment plan by Pakistan's National Highway Authority to rehabilitate and expand key sections of the country's main highway network, including upgrading the highway from Karachi to the city of Peshawar, and links to the port of Gwadar and the People's Republic of China.
With trade flows concentrated along one major north-south transport corridor, this programme will make road traffic more efficient and reduce transport costs. Cheaper transport costs will increase private sector productivity, which will help deepen and diversify the industrial base, both of which are necessary to provide jobs for the growing population, the ADB said.
The upgrade is also crucial for regional trade flows and will allow Pakistan to act as a transit artery for goods moving between Arabian Sea ports in the south and Central Asia and the People's Republic of China in the north, the ADB said.
The ADB will also provide Pakistan with 260.65 mln usd in loans and grants to assist Punjab province pursue reforms that will improve efficiency in the public sector.
Punjab, Pakistan's most populous province, needs continued infusion of public and private investments to keep pace with the growth requirements of the economy, while at the same time ensuring sound maintenance of the investments made, the ADB said.
TFN.newsdesk@thomson.com
