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ADB to extend loan for Pakistan's motorway

Xinhua, June 20, 2016 Adjust font size:

The Asian Development Bank (ADB) and the Government of Pakistan Monday signed an agreement for a 100 million U.S. dollars loan to build parts of a motorway in Punjab province, the ADB said.

Tariq Bajwa, Pakistan's Secretary for Economic Affairs and ADB's Country Director for Pakistan Werner E. Liepach signed the loan agreement during a ceremony attended by Pakistan's Finance Minister Mohammad Ishaq Dar and ADB Vice President Wencai Zhang.

"Pakistan must grasp the opportunities presented by its strategic location. Investments in transport and connectivity under the framework of Central Asia Regional Economic Cooperation (CAREC) programs, as well as other regional cooperation initiatives, can put Pakistan's economic development on an upward trajectory," said ADB Vice President Wencai Zhang, according to a statement

Once completed the 64-kilometer section of the motorway (M-4) connecting Shorkot and Khanewal in Punjab will help substantially cut travel time between Karachi and Peshawar and link up Pakistan with the Central Asia countries boosting regional trade and commerce. Endit