ADB approves $235mn loan to Pakistan for N-55 carriageway upgradation

ISLAMABAD: The Asian Development Bank has Thursday approved a US $235 million loan for the upgradation of the national highway’s Shikarpur-Rajanpur carriageway, ARY News reported.

The 222-kilometer carriageway connecting Shikarpur and Rajanpur will be expanded in terms of its width from currently two lanes to the projected four lanes.

The project is under the Central Asia Regional Economic Cooperation’s (CAREC) Corridor Development Investment Program by ADB.

ADB website says the outputs of this program include to dualize “the 222-km Shikarpur-Rajanpur section of N55 on the existing alignment to make the section a four-lane carriageway”.

This purpose is to connect and enhance the connectivity amongst the regional economic hubs i.e. Karachi and Gwadar, in the long run.

Pakistan attracts $1.9bn foreign investment in July

Separately from the inflows of investments, Pakistan attracted $1.9 billion worth of foreign direct investment (FDI) in the first month of the current fiscal year, data released by the State Bank of Pakistan (SBP) said.

According to figures, the overall foreign private investment dropped by 30 per cent to $88 million in July.

Also Read: WORKERS’ REMITTANCES CROSS $2BN MARK FOR 14TH STRAIGHT MONTH IN JULY

The Pakistan Stock Exchange (PSX) saw net outflows of $1.1 million, registering a 98 per cent decline compared to the same period of last year.