Daily Times

ISLAMABAD: The Economic Affairs Division, Government of Pakistan on Monday signed a loan agreement for Post-Flood National Highways Rehabilitation Project with the Asian Development Bank.

The total estimated cost of this project is $218.8 million, of which the Asian Development Bank will provide $196.9 million. The loan agreement was signed by Tariq Bajwa, Secretary Economic Affairs Division and Werner E. Liepach, Country Director, Asian Development Bank.

The 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. Under this project, National Highway Authority will rehabilitate 212 KM roads and 33 bridges of the national highways network. The project will be completed in 3-years.

Speaking on the occasion, Tariq Bajwa, Secretary EAD expressed gratitude to the Asian Development Bank for providing vital support for infrastructure building in Pakistan. Mr. Bajwa assured the commitment of the Government to mobilize 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. This is even more so in a global economy where economic opportunities have been increasingly related to the mobility of people, goods and information, he added.

Werner E. Liepach, Country Director, Asian Development Bank assured of ADB’s continued support and appreciated the Government of Pakistan’s efforts for investing in infrastructure.