Central Asia Regional Economic Cooperation Corridor Development Investment Program (ADB-48404-002)

Countries
  • Pakistan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 26, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Pakistan
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Loan Amount (USD)
$ 800.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 925.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ ADB website

Updated in EWS Jul 20, 2020

Disclosed by Bank Sep 27, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

DESCRIPTION

The proposed multitranche financing facility (MFF) will enhance regional connectivity and trade in the Central Asia Regional Economic Cooperation (CAREC) Corridors in Pakistan by improving the efficiency for road traffic along the CAREC Corridors. For the purpose, the proposed MFF will rehabilitate and upgrade the road network constituting the CAREC Corridors mainly in Sindh, Punjab, and Khyber Pakhtunkhwa.

PROJECT RATIONALE AND LINKAGE TO COUNTRY/REGIONAL STRATEGY

In 2011, Pakistan joined the CAREC Program. Pakistan's transport corridors offer the shortest route to the sea for landlocked Afghanistan, Central Asia, and Xinjiang province of the People's Republic of China (PRC). Pakistan's accession to the CAREC will enable subregions in Asia and Europe to be virtually integrated and seamlessly connected from East Asia through South Asia and Central Asia to Europe. In 2013, the CAREC Transport Corridors were extended to Pakistan to provide Afghanistan, Central Asia, and PRC with connection to Gwadar and Karachi port at the Arabian Sea. The CAREC Transport and Trade Facilitation Strategy 2020 endorsed by the CAREC ministers at the 12th Ministerial conference in 2013 proposes $5.6 billion of investment projects to build the extended CAREC corridors in Pakistan.

In the context of Afghanistan's exploiting markets in South and Southeast Asia for their agricultural products, PRC's exploring access to the Arabian Sea, and India's pursuing connection to Central Asia, all through Pakistan, completing the CAREC corridors and serving the needs of surrounding countries will benefit Pakistan not only for the growth of economy and trade but also for deepened regional integration and resultant stable geopolitics, and ultimately help achieve the vision of the CAREC. ADB's continuing engagement in Pakistan's pursuing the CAREC corridor development will speed up its achievement and enable the benefits of improved regional integration to be shared by surrounding countries.

IMPACT

Impact of the Program is aligned with: Regional connectivity and trade enhanced in the CAREC Corridors defined by project

CONSULTING SERVICES

Consultants will be recruited in accordance with ADB's Guidelines on the Use of Consultants (2013, as amended from time to time).

PROCUREMENT

Procurement of goods, civil works, and related services financed from the ADB loan will be done in accordance with ADB's Guidelines for Procurement (2015, as amended from time to time).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main

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