Islamabad: The Asian Infrastructure Investment Bank (AIIB) is mulling co-financing the highway development project of the Punjab government, according to a news published on October 19.
As per the details shared, AIIB is considering extending a loan of USD 321 million required to dualise 535 kilometres of provincial highways equipeed with road safety, maintenance and climate-resilient features in southern Punjab.
Reportedly, the Punjab government highway project is estimated to cost USD 817 million, with financing worth USD 407 million to be provided by the Asian Development Bank (ADB) – as the lead co-financer.
It is highlighted that the highways project will help enhance east-west connectivity in southern Punjab and bring it at par with the relatively prosperous northern Punjab. The said dualisation project is also expected to improve farm-to-market access and slash traffic accidents by 30%.
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