Accord inked for first tranche of $180m ADB loan: Upgradation of road network: Dawn

By Mubarak Zeb Khan

ISLAMABAD, Dec 3: The Asian Development Bank and the Economic Affairs Division on Wednesday signed an agreement for the first installment of the Multitranche Financing Facility (MFF) as part of the National Trade Corridor Highway Investment Programme.The project is expected to be completed by Dec 31, 2013, which would drastically reduce travel time between Karachi and Peshawar, a distance of 1,700 kms from existing 72 hours to 36 hours.Of the total agreed amount of $900 million ADB loan, the first tranche of $180 million would be used for construction of a 58km highway (section-1) between Faisalabad and Khanewal.The loan agreement was signed by ADB Pakistan Resident Mission’s Country Director Rune Stroem and Secretary of Economic Affairs Division, Farrukh Qayyum, while the project agreement was signed by ADB’s country director and NHA’s Altaf Ahmed Chaudhry.

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