ADB to provide $100mn for Shorkot-Khanewal section of M4 motorway

ISLAMABAD: Pakistan on Monday signed $100 million loan agreement with the Asian Development Bank (ADB) for the construction of the remaining 64-kilometre Shorkot-Khanewal section of the M4 motorway. According to the Finance Ministry, the agreement was signed between Pakistan’s Secretary for Economic Affairs Division Tariq Bajwa and ADB Country Director for Pakistan Werner E. Liepach. Finance Minister Ishaq Dar and ADB Vice President Wencai Zhang also attended the ceremony. This section of the motorway will connect the cities of Faisalabad, Gojra, Toba Tek Singh, Shorkot, Abdul Hakeem, Khanewal and Multan. Speaking on the occasion, ADB Vice President Wencai Zhang said: “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) programmes, as well as other regional cooperation initiatives, can put Pakistan’s economic development on an upward trajectory.” “The United Kingdom’s Department for International Development (DFID) has also committed a $34m grant for the project,” Zhang said. Meanwhile, Finance Minister Ishaq Dar appreciated the assistance of world financial institutions for development work in the country. Dar said that the transport project will link up Pakistan with Central Asia countries boosting regional trade and commerce. Earlier last

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Source: News Pakistan

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