| Code: 62266 |

TIN news:         The Asian Development Bank (ADB) has joined forces with the UK's Department for International Development (DFID) to co-finance the $327m cost of Pakistan's 59km Hassanabdal - Havelian Expressway (E-35) project.
 
The funding was earlier approved by ADB in two tranches of $200m and $127m respectively under the multitranche facility (MFF) for the National Trade Corridor Highway Investment Programme (NTCHIP).
 
Pakistan signed both the loan agreement and project agreement for the E-35 expressway, which connects the existing M1 at Hassanabdal (Burhan) to Havelian.
 
The DFID will provide $121.6m to enable ADB to fund the extension of the expressway to Abottabad and Mansehra to the North.
"The UK's collaboration will support Pakistan to improve road safety and to create an environment that will transform roads into economic corridors."
 
ADB Central and West Asia department director general Sean O'Sullivan said: "ADB and DFID are joining hands to promote regional connectivity, economic growth and stability in Pakistan."
 
DFID Pakistan head Richard Montgomery said: "The UK's collaboration will support Pakistan to improve road safety and to create an environment that will transform roads into economic corridors.
 
"This partnership will not only help Pakistan promote and expand trade with regional partners, but also to create more jobs and sustainable livelihoods."
 
The E-35 Expressway upgrade is expected to enable Pakistan to act as a transit artery for goods moving between Arabian seaports in the south and the People's Republic of China in the north.
 
Also called Hazara Expressway, the E-35 Expressway will allow for safer, faster and more cost-effective, inter-regional transportation of goods and services, while stimulating economic activity and opportunities for the people in towns and cities along the route.

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