Tag Archives: Central Asia Regional Economic Cooperation (CAREC)

ADB Assures Government of its support for reforms agenda!

on 18/10/2018

Asian Development Bank Vice-President Wencai Zhang has assured the government of its continued support for the new development and reforms agenda.

`We are committed to deepening our cooperation with the new government and supporting its development agenda to bring prosperity to the people of Pakistan, Zhang said last week after concluding his visit to Pakistan.

He held detailed meetings with Finance Minister Asad Umar, Planning and Development Minister, Khusro Bakhtiar, Education Minister, Shafqat Mehmood and Adviser to Prime Minister on Institutional Reforms, Dr Ishrat Hussain, as well as other government officials and development partners.

He congratulated the new administration on assuming office and noted the government`s `100-day agenda` that prioritises revitalising economic growth, transforming governance and revolutionizing social services.

Zhang noted the country`s economic growth momentum in recent years, driven by domestic demand and improvements in security, energy supply, and public infrastructure projects. However, the widening current account and fiscal deficits are key challenges to the economy.
He stressed the importance of economic stability and offered ADB`s support in improving Pakistan`s competitiveness, promote private sector, increase trade openness, and transform the institutions and economy.

Pakistan is an important member of the Central Asia Regional Economic Cooperation (Carec) to which ADB is extending programmatic support to deepen regional economic integration. Ahead of the Carec Ministerial Conference in Ashgabat, Turkmenistan, in November, Zhang said the bank is willing to support Pakistan in developing economic corridors within the framework of Carec and ADB`s Strategy 2030

RN in Sindh, Punjab, KP to be rehabilitated

on 20/10/2017

$800 m approved for CAREC corridor

Asian Development Bank (ADB) has approved an $800 million investment plan that seeks to enhance regional trade and connectivity in the Central Asia Regional Economic Cooperation (CAREC) corridors of Pakistan, a press release issued by ADB said.

The multitranche financing facility will increase Pakistan’s regional connectivity and rehabilitate a total of 747 kilometres of Pakistan’s road along the CAREC corridor, the press release said.

Under the first portion of the investment plan ─ worth $180m and expected to be completed later this year ─ road networks in Sindh, Punjab and Khyber Pakhtunkhwa will be improved, the press release said.

It added that the second and third tranches, worth $260m and $360m, respectively, are expected to be approved in 2019 and 2021.

“Pakistan’s unique geographic location — at the crossroads of Central Asia, the People’s Republic of China, and South Asia — provides a unique potential and opportunity for the country to become a regional transport and trade hub,” the press release quoted Dong-Soo Pyo, ADB’s Director, Transport and Communications Division, Central and West Asia Department, as saying. “The investment program will help the Government of Pakistan realize this potential, improving trade and connectivity in the CAREC corridors with the long-term goal of achieving inclusive growth and sustainable development in mind,” Pyo added.The investment program will also focus on strengthening the capacity of the National Highway Authority to conduct due diligence work and ensure implementation of each portion of the project as designed, the press release said.