ISLAMABAD: China-Pakistan Economic Corridor (CPEC) and the Asian Development Bank (ADB) funded Central Asia Regional Economic Cooperation (CAREC) would prove a milestone in regional development and connectivity, said Director General ADB, Sean O’ Sullivan here on Tuesday.
Referring to CPEC, the DG ABD also appreciated the Pakistan’s efforts for promoting regional connectivity.
Sean O’ Sullivan, who called on Minister for Finance Senator Mohammad Ishaq Dar, said the progress made by Pakistan in attaining macro-economic stability was highly commendable.
He further said International Monetary Fund (IMF) and other International Institutions have also endorsed the progress made and macro-economic stability achieved by Pakistan in a short span of time.
With the efforts of the current government, the International community is dealing more confidently with Pakistan now and we also support this new development, said DG ADB.
He stated the energy sector reforms were a tough challenge, however the Government of Pakistan’ Reform Program was very encouraging and the multilateral partners fully supported it.
Sullivan said the efforts made by the Government to solve complicated issues were commendable and the leadership provided by Minister for Finance for various reform initiatives was truly remarkable.
He also referred to the Border Crossing Points Improvement Project and appreciated Finance Minister’s leadership in ensuring its progress as this is vitally important for revamping the existing trade and Infrastructure system in the region.
He said Central West Asia Department Bank (ADB) had long been a valuable development partner of Pakistan and ADB’s positive role in the development programs is duly acknowledged.
Ishaq Dar on the occasion thanked the ADB representative for their support on highly important Jamshoro Coal Power Project, Flood Emergency Project and other projects of infrastructure and energy development in Sindh and Balochistan.
He appreciated ADB for providing vital support to Pakistan particularly for efficiency gain from road traffic operations along the National Trade Corridor.
He assured Pakistan’s commitment for continuous engagement with development partners for mobilizing support in order to improve linkages with the neighbors and developing inter-provincial linkages to improve sub-regional connectivity.
Later, the Finance Minister also witnessed the signing of a Loan agreement of $127 million with Asian Development Bank (ADB) for National Trade Corridor Highway Investment Program – Project-3 which also includes the Grant of $39.2 million from the Department of International Development (DFID) U.K.
The British Agency has also provided a grant of $ 82.4 which will partially substitute tranche II of ADB loan for the same project. This would ultimately reduce the ADB’s total loan amount from $327 million to $205.4 million. Resultantly, the debt would reduce by $121.6 million.
Director General ADB thanked the Government for maintaining her commitment to regional development and promotion of trade and infrastructure projects in cooperation with ADB.
