ISLAMABAD: The Asian Development Bank (ADB) will provide the Government of Pakistan a loan of US$ 250 million for the Central Asia Regional Economic Cooperation (CAREC) ‘Regional Improvement of border services project’.
The signing ceremony held after the 15th CAREC ministerial Conference which was inaugurated today. Finance Minister Ishaq Dar, while speaking on the occasion thanked the ADB for providing support to Pakistan in the border management sector.
He assured Pakistan was committed to mobilise all possible resources for improving and developing regional connectivity and linkages particularly with Afghanistan and the Central Asian region. He mentioned that Pakistan is also keen to enhance economic cooperation with Central Asia.
The components of the project are: Development of physical infrastructure at border crossing points, provision of equipment (scanner, weigh bridges etc), IT hardware and software support transition to single window system, streamlining cross border procedures and capacity development.
The objectives of the project are to adopt single window system for integrated and coordinated management of borders, increase trade and transit cargo through border crossing points, efficient cross border processing of goods and people, and to modernise border crossing points.
The loan agreement was signed by Tariq Bajwa, Secretary Economic Affairs Division and Werner E. Liepach, Country Director Asian Development Bank.