Press Release No: 64
Prime Minister Muhammad Nawaz Sharif witnessed the signing ceremony of $200 million Loan and Project Agreements for 59-km Hassanabdal (Burhan)-Havelian Expressway (E-35) Project with Asian Development Bank (ADB) at the PM’s House here today. Mr. Takehiko Nakao, President ADB was also present on the occasion.
The Loan Agreement was signed by Secretary Economic Affairs Division while the Project Agreement was signed by Chairman National Highway Authority. From the Bank’s side both the agreements were signed by Country Director ADB Pakistan, Mr. Werner Liepach.
The Hassanabdal-Burhan-Havelian Expressway Project is part of the National Trade Corridor. It will connect existing M1 at Hassanabdal to Havelian, and will further extend to Abbottabad and Mansehra to North. The Project is almost parallel with existing N5 which is being urbanized in many sections. Due to high traffic volume and deteriorated road condition, E35 is becoming necessary in order to develop inter-provincial linkages to improve sub-regional connectivity within Pakistan. Proposed project will construct a north-south access controlled expressway system to link the northern area of the country to existing expressway network and lead to better connectivity and for improving linkages with neighboring countries like China and Afghanistan as well as Central Asian States.
Federal Minister for Finance, Mr. Ishaq Dar; Secretary Finance and Secretary Communications also witnessed the ceremony.
Earlier, President ADB called on the Prime Minister and discussed matters of mutual interest.