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ISLAMABAD: Pakistan and the Asian Infrastructure Investment Bank (AIIB) on Tuesday signed a $320 million loan agreement for the reconstruction and improvement of critical sections of the N-5 highway — the country’s longest national highway from Karachi to Torkham near the Afghan border.
The loan agreement was signed for “Reconstruction of National Highway N-5 under Pakistan’s Resilient Recovery, Rehabilitation and Reconstruction Framework Project,” amounting to $320.16m.
The project will cover critical sections of the N-5, which traverses Sindh, Punjab, and Khyber Pakhtunkhwa, serving as a backbone of Pakistan’s transport network.
The loan agreement was signed by Muhammad Humair Karim Kidwai, Secretary, Economic Affairs Division, on behalf of the Government of Pakistan, and Mr Konstantin Limitovskiy, Chief Investment Officer, Public Sector & Project and Corporate Finance (Global) Clients of the Beijing-based AIIB. Federal Minister for Economic Affairs Ahad Khan Cheema also attended the signing ceremony.
