Pakistan and the Asian Infrastructure Investment Bank (AIIB) on Tuesday signed a $320 million loan agreement for the rehabilitation of the N-5 Highway, according to the Ministry of Economic Affairs.
The ministry said the amount secured under the agreement will be utilized for the N-5 Highway Rehabilitation Project, aimed at improving one of the country’s most important transport corridors.
The signing ceremony was attended by Federal Minister for Economic Affairs Ahad Cheema, senior officials from the Economic Affairs Division and representatives of AIIB. Economic Affairs Secretary Hameer Karim and AIIB Chief Investment Officer also participated in the event.
Speaking on the occasion, Ahad Cheema described the N-5 corridor as vital for Pakistan’s economy and regional trade. He said the rehabilitation project would significantly strengthen transport connectivity across Sindh, Punjab and Khyber Pakhtunkhwa.
The minister termed AIIB a reliable development partner of Pakistan and said the project would play an important role in promoting regional connectivity, trade and economic development.
He stated that with AIIB’s support, the N-5 Highway would be reconstructed according to modern infrastructure and climate-resilient standards, helping Pakistan build sustainable infrastructure for the future.
Cheema said the agreement marked a new milestone in cooperation between Pakistan and AIIB, adding that the N-5 rehabilitation project would lay the foundation for a long-term and efficient transport system in the country while promoting sustainable development and connectivity.