UK to partner in CPEC, provide $121.6 million grant

By Shahbaz Rana

ISLAMABAD: In a significant development, the United Kingdom has become a partner in China-Pakistan Economic Corridor and agreed to provide $121.6 million in grant to fund construction of Burhan-Havelian Expressway, which falls on the northern route of the corridor.

The Asian Development Bank (ADB) and the Department for International Development (DFID) of the United Kingdom will co-finance the $327 million cost of the 59km-long Hassanabdal-Havelian Expressway (E-35) project, according to a handout issued by the Manila-based lending agency on Tuesday.

UK’s $121.6 million grant will lessen Pakistan’s debt obligations by the same amount. The country had entered into a loan agreement with ADB, which will now be picked up by UK taxpayers to the extent of the grant amount.

Read: India bid to halt Pakistan projects fails

It is for the first time that the UK will fund any infrastructure sector project in Pakistan, as so far its focus remained on social sectors. It is also the first time that the UK is partnering with the Manila-based lending agency in a project located in Pakistan.

Read more » The Express Tribune
See more » http://tribune.com.pk/story/948870/uk-to-partner-in-cpec-provide-121-6-million-grant/

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