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The Asian Development Bank (ADB) and the Department for International Development (DFID) of Britain will co-finance the 327 million U.S dollars cost of the 59 kilometer road in Pakistan's northwest that will allow Pakistan to act as a transit artery for goods moving between Arabian seaports in the south and China in the north, officials said Tuesday.
The Hassanabdal-Havelian Expressway (E-35) project in Khyber Pakhtunkha province will enable safer, faster and more cost effective inter-regional transportation of goods and services spurring economic activity and opportunities for the people in towns and cities along the route. "ADB and DFID are joining hands to promote regional connectivity, economic growth, and stability in Pakistan. Our partnership with DFID for the E-35 is an important step in this direction,"said Sean O'Sullivan, director general of ADB's Central and West Asia Department who witnessed the signing of the agreement in Islamabad.
Pakistan's Finance Minister Ishaq Dar and head of DFID Pakistan Office Richard Montgomery were also present at the occasion.
The loan agreement was signed by ADB's Country Director for Pakistan Werner Liepach and Secretary of Economic Affairs Division Muhammad Saleem Sethi, while the project agreement was signed by Chairman of National Highway Authority Shahid Ashraf Tarar.
The ADB had earlier approved 327 million dollars for the project in two tranches of 200 million dollars and 127 million dollars respectively under the multi-tranche facility for the National Trade Corridor Highway Investment Program. "The UK's collaboration will support Pakistan to improve road safety and to create an environment that will transform roads into economic corridors. This partnership will not only help Pakistan promote and expand trade with regional partners, but also create more jobs and sustainable livelihoods,"Montgomery said.
