PR No. 8 Islamabad

Country Director, ADB Werner Liepach met Finance Minister, Senator Mohammad Ishaq Dar here Thursday.

Mr. Liepach briefed the Minister on the Central Asia Regional Economic Cooperation (CAREC) Ministerial meeting held recently in Mongolia. The Minister appreciated the efforts of ADB for regional connectivity in the Central and South Asia and said that he looked forward to hosting the CAREC Ministerial meeting in Islamabad next year.

Mr. Liepach also provided an update to the Minister on financing activities of ADB in the transport and communication sector. He informed that ADB Board had approved financing of US$ 178 million for the Gojra-Shorkot Section of M-4 Motorway. The Department for International Development of UK (DFID) would also co-finance the project through a grant of US$92 million.

Mr. Liepach also updated the Minister on the status of the financing arrangement for the Border Services Project, which will provide modern transport and transit facilities at three border crossing points and stated that the proposal will be presented to the ADB Board in the near future.

Mr Liepach also informed that the MoU on Disaster Risk Fund was also close to finalization and would be ready for signing very soon.

The Minister stated that the Government has been able to achieve the objective of stabilisation of the economy and the focus was now firmly on economic growth and job creation. It was therefore important to speed up the implementation of various infrastructure projects.

He invited the ADB to join the Pakistan Development Fund. The Country Director welcomed the proposal and assured that he would extend all possible cooperation in this regard.