Business

PESHAWAR (Staff Report) – Asian Development Bank (ADB) has said it will extend a soft loan of $250 million to the Khyber Pakhtunkhwa government for construction and rehabilitation of all highways in the province.

The bank made this announcement at the Peshawar meeting of a high-level delegation of the Bank with the Adviser to the Chief Minister on Communication and Works, Akbar Ayub Khan.

Initially the bank will provide $150 million for the reconstruction of up to 300 kilometers of provincial highways.

Later the bank will extend a $250 million soft loan upon successful and satisfactory execution of the 1st Phase.

To implement the commitment, a Memorandum of Understanding (MOU) was also signed between ADB and KPK Government.