ISLAMABAD: The Asian Development Bank (ADB) would provide $72.4 million to Pakistan for a highway development project to modernise the communication services in Balochistan.
A grant agreement was signed here on Thursday between ADB and Economic Affairs Division (EAD) representatives.
EAD Secretary Tariq Bajwa and ADB Country Director Dr Werner E. Liepach inked the agreement on behalf of respective sides.
According the agreement, the grant would be provided by the Department of International Development of the United Kingdom (DIFD) and would be administered by EAD.
The DIFD grant would replace part of the ADB project loan of $195m already signed with the bank in the last financial year for highway network development projects in Balochistan.
After the DIFD grant of $72.4m, the loan amount would be reduced from $195m to $122.60m which would also save commitment charges for Pakistan.
Speaking on the occasion, the EAD Secretary thanked the ADB for its financial and technical support for developing socio-economic and infrastructure projects in the country.
Published in Dawn, January 15th, 2016
