The China-based Asian Infrastructure Investment Bank and the Philippines-based Asian Development Bank will co-finance a 64km highway project between Khanewal and Shorkot towns in Punjab province of Pakistan.
A report in Japan Today said that ADB had approved a €88.85 million loan for the project. AIIB will likely get board approval for its nearly €89 million this month. A grant for the project worth nearly €34 million is being extended by the UK’s Department of International Development.
The Pakistan government recently said it had launched formal talks with the two major Asian banks for co-financing the last section of the M4 motorway, Pakistani media reported.
An unnamed source with the government’s National Highway Authority (NHA), told the Express Tribune newspaper that cost would be around US$273 million.
Last November, the Tribune reported that Pakistani prime minister Nawaz Sharif had opened the Faisalabad-Multan section of the M-4, a 240km route.
A report in Japan Today said that ADB had approved a €88.85 million loan for the project. AIIB will likely get board approval for its nearly €89 million this month. A grant for the project worth nearly €34 million is being extended by the UK’s Department of International Development.
The Pakistan government recently said it had launched formal talks with the two major Asian banks for co-financing the last section of the M4 motorway, Pakistani media reported.
An unnamed source with the government’s National Highway Authority (NHA), told the Express Tribune newspaper that cost would be around US$273 million.
Last November, the Tribune reported that Pakistani prime minister Nawaz Sharif had opened the Faisalabad-Multan section of the M-4, a 240km route.
