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Pakistan, ADB saddle up on $200m highway - Salman - 09-18-2014 12:24 PM
Prime Minister Muhammad Nawaz Sharif witnessed the signing ceremony of $200 million Loan and Project Agreements for 59-km Hassanabdal (Burhan)-Havelian Expressway (E-35) Project with Asian Development Bank (ADB) in Islamabad Wednesday. ADB President Takehiko Nakao was also present on the occasion.
The Loan Agreement was signed by Economic Affairs Division secretary while the project agreement was signed by National Highway Authority (NHA) chairman. From the bank’s side, both the agreements were signed by ADB Pakistan Country Director Werner Liepach.
The Hassanabdal-Burhan-Havelian Expressway Project is part of the National Trade Corridor. It will connect existing M1 at Hassanabdal to Havelian and will further extend to Abbottabad and Mansehra to North.
The project is almost parallel with existing N5 which is being urbanised in many sections. Due to high traffic volume and deteriorated road condition, E35 is becoming necessary in order to develop inter-provincial linkages to improve sub-regional connectivity within Pakistan.
Proposed project will construct a north-south access controlled expressway system to link the northern area of the country to existing expressway network and lead to better connectivity and for improving linkages with neighbouring countries like China and Afghanistan as well as Central Asian States.
Federal Minister for Finance Ishaq Dar also witnessed the ceremony. Earlier, ADB president called on the prime minister and discussed matters of mutual interest.