Business & Economy

AIIB okays $511 million for Pakistan’s infrastructural projects

ISLAMABAD     –     Asian Infrastructure Investment Bank (AIIB) will finance $511.81 million for four projects for the infrastructural development in Pakistan, mainly related to roads, energy, sanitation and mass transit.

The amount has been approved for the projects including National Motorway M-4 of $100 million, Tarbela Hydropower Extension Projects $300 million, Karachi Water and Sewerage Project $40 million and $71.81 million Karachi Bus rapid transit projects, Chief Programming officer and Senior Adviser to the President, Asian Infrastructure Investment Bank (AIIB) Konstantin Limitovskiy told APP here.

The Senior Adviser to AIIB President said two more proposed projects are in the pipeline including Lahore Water and wastewater management project of worth $400 million and $402 million Rawalpindi Ring Road project, adding AIIB would also provide special grant of $0.5 million for preparation of the Lahore Water and Wastewater management.

He said AIIB had rapidly enhanced investment portfolio in Pakistan, which was closely aligned with the country’s national development priorities.

To a question, he said that AIIB had owned the capital wealth power worth of $100 billion, in which $20 billion paid to the banks and the bank had investment in 53 approved projects as amount of $10.2 in different member countries.

Konstantin said that AIIB is a multilateral development Bank having mandate of faster economic development and providing transnational connectivity to the people for economic integration in the regional countries.

“We are supporting the economically, socially and environmentally supported sustainable infrastructural growth in member countries according to their economic vision, he said.

The bank has financing the infrastructural connectivity globally to connect the people for engaging them with vision of economic and trade integration, he said.

He said the Bank that began its operations in January 2016 had now grown to 100 approved members all over the world.

Chief Programming officer and Senior Adviser to the President, AIIB said that by investing in sustainable infrastructure and other productive sectors in Asia and beyond, the bank  will better connect the  people, services and markets that over time will impact the lives of billions and build a better future.

He said the bank would continue to strengthen efforts to improve institutions, services and infrastructure, with a potential to have a positive impact on economic growth and people’s livelihood.

Article source: https://nation.com.pk/25-Nov-2019/aiib-okays-511-million-for-pakistan-s-infrastructural-projects

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