Pakistan and AIIB Sign $320 Million Agreement for N-5 Highway Construction
A significant financial agreement has been reached between the Government of Pakistan and the Asian Infrastructure Investment Bank (AIIB). Under this agreement, the bank will provide a loan of over $320 million to Pakistan. This amount will be utilized for the reconstruction and improvement of the N-5 highway, the country's busiest and most vital road.
The signing ceremony for this agreement was held in Islamabad. Secretary of Economic Affairs Muhammad Humair Karim Kiduai, representing Pakistan, and Konstantin Limitovskiy, representing the AIIB, signed the documents. Federal Minister Cheema was also present on the occasion and described the project as a welcome development for Pakistan's progress.
The N-5 highway serves as the backbone of Pakistan's communication network, as it connects various parts of the country. The reconstruction of this road will not only make travel easier for ordinary citizens but will also accelerate the transportation of goods and trade across the country. Minister Cheema stated that this project would play a key role in strengthening connectivity within the country.
The Federal Minister described the AIIB as a reliable development partner for Pakistan. He further added that such international cooperation greatly assists in modernizing the country's infrastructure. The objective of this project is to bring road quality up to international standards to improve traffic flow and reduce accidents.
The National Highway Authority (NHA) will be responsible for implementing the project and supervising the construction work. Experts believe that better roads are a fundamental requirement for any country's economic development. This agreement is a major step toward improving Pakistan's transport system, which will have positive effects on the economy in the coming years.