Islamabad: The Asian Infrastructure Investment Bank (AIIB) has decided to invest USD 1 billion in infrastructural projects in the country, according to a news source. The projects are concerned with the transport, energy, and urban & rural sectors.
This will take the total of AIIB investment in Pakistan to USD 1.462 billion. This amount includes two projects which are currently under implementation. The multilateral development bank has funded projects worth USD 7.5 billion in 35 projects in 13 countries. Its Principal Economist, Dr Jang Ping Thia, stated that AIIB can greatly contribute to economies by reinforcing public infrastructure investment.
AIIB is investing in four key projects in Pakistan. The first is the Karachi Bus Rapid Transit project, which is worth USD 100 million. The bank is also investing USD 402 million in the Rawalpindi Ring Road. It is also contributing USD 400 million for Lahore Water and Waste Management Project; and USD 160 million for Karachi Water and Sewer Services Project.
AIIB has already approved USD 100 million for National Motorway M-4 (Faisalabad-Multan section) and USD 300 million for Tarbela-5th Hydropower Extension Project of 1400 MW.
