Pakistan and the Asian Infrastructure Investment Bank (AIIB) on Tuesday signed a $320.16 million loan agreement for the reconstruction and rehabilitation of the N-5 highway.
The project will cover critical sections of the National Highway (N-5), which traverses Sindh, Punjab, and Khyber Pakhtunkhwa, serving as a backbone of Pakistan’s transport network, read a statement.
The agreement was signed between Muhammad Humair Karim Kidwai, Secretary of Economic Affairs Division (EAD), and Konstantin Limitovskiy, Chief Investment Officer of Public Sector and Project and Corporate Finance (Global) Clients of AIIB, in the presence of Minister for Economic Affairs Ahad Khan Cheema.
A separate project agreement was also signed between AIIB and the National Highway Authority (NHA).
Cheema appreciated the longstanding partnership with the AIIB, adding that the bank has consistently proven to be a reliable development partner of Pakistan.
He said that the N-5 project would not only strengthen the country’s resilient infrastructure but would also play a significant role in enhancing regional connectivity, trade activities, and economic growth.
The EAD secretary appreciated the longstanding partnership with the AIIB, noting that the bank has consistently proven to be a strong and reliable partner.
He emphasised that the N-5 project will further deepen this partnership, strengthen mutual trust and cooperation, while advancing Pakistan’s sustainable infrastructure network.
The N-5 corridor holds immense importance as it connects key regions of Pakistan, enhancing regional connectivity, strengthening sustainable infrastructure, and supporting economic growth across the country.
AIIB’s Limitovskiy highlighted the strong development collaboration with Pakistan, emphasising the strategic importance of the N-5 project as it serves as part of an international transport corridor.
The N-5 reconstruction will be undertaken using modern, green, and climate-resilient design standards with state-of-the-art infrastructure, ensuring efficiency, sustainability, and long-term durability, he added. –Agencies
