AIIB will finance the construction of highway in Pakistan

Almaty. May 5. Silkroadnews – Asian Infrastructure Investment Bank (AIIB) announced its first co-financed project – the highway in Pakistan’s Punjab province, “People’s Daily” informs.

A 64-km-long highway will connect the cities of Khanewal and Shorkot.

The president of AIIB Jin Liquin and ADB’s president Takehiko Nakao signed a memorandum of understanding to strengthen the cooperation between two agencies, involving co-financing of projects.

The highway construction in Pakistan became the first official announced project among the first series of co-financed projects approved by the Asian Infrastructure Investment Bank. The first series of AIIB projects financing is mainly the projects of co-financing.

The first series of AIIB projects financing includes projects with financial contributions by the European Bank for Reconstruction and Development (EBRD) and the World Bank.

Together with EBRD AIIB plans to take part in financing the project on construction of ring road around Almaty, the largest city of Kazakhstan.