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ADB to release $180 million for Pakistani roads
Reuters - 2 hours 58 minutes ago
ISLAMABAD, Dec 3 - The Asian Development Bank signed an agreement on Wednesday to release a first tranche of $180 million of a loan to Pakistan from a financing facility to upgrade roads, the bank said in a statement.
The ADB has agreed a $900 million Multitranche Financing Facility for Pakistan's road improvement. The Pakistani highway authority has a $5.3 billion plan to upgrade main highways and road links to China.
"An efficient road network is key to promoting economic growth and enhancing welfare of the people," said Rune Stroem, director of the bank's Pakistani mission.
Separately, the bank on Wednesday also approved a $300 million loan to help improve water and sanitation infrastructure in Pakistan's second most populous province of Sindh.
The first tranche of $38 million will target priority infrastructure in Sindh's northern cities, according to another bank statement.
The ADB in September approved a $500 million loan for Pakistan to help address the impact of high fuel and food prices.
Fresh inflows will help bolster Pakistan's foreign exchange reserves that got a boost last month with the release of $3.1 billion out of a $7.6 billion loan package from the International Monetary Fund to help avert a balance of payments crisis.
Pakistan's foreign currency reserves were $9.4 billion on Nov. 26.
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