Islamabad: The Economic Affairs Division (EAD) of Pakistan and the Asian Infrastructure Investment Bank (AIIB) signed a $320.16 million loan agreement for the reconstruction of critical sections of National Highway N-5. This project is part of Pakistan’s Resilient Recovery, Rehabilitation, and Reconstruction Framework and will cover sections in Sindh, Punjab, and Khyber Pakhtunkhwa, integral to Pakistan’s transport network.

According to Press Information Department, the loan agreement was signed by Muhammad Humair Karim Kidwai, Secretary of EAD, and Konstantin Limitovskiy, Chief Investment Officer of AIIB, with Federal Minister for Economic Affairs, Ahad Khan Cheema, in attendance. A separate project agreement was also signed between AIIB and the National Highway Authority (NHA), with officials from the Ministry of Communications present.

Ahad Cheema acknowledged the productive partnership with AIIB, emphasizing the project’s significance in boosting regional connectivity, trade, and economic growth. The Secretary of EAD echoed these sentiments, highlighting the corridor’s role in enhancing sustainable infrastructure and economic support across the country.

Konstantin Limitovskiy of AIIB highlighted the project’s strategic importance due to its role in an international transport corridor and noted the modern, climate-resilient standards to be employed in the reconstruction. This initiative is seen as a significant step in Pakistan-AIIB cooperation, focusing on resilient infrastructure and sustainable economic development.