ADB to enhance regional connectivity in Central Asia
The Central Asia Regional Economic Cooperation (CAREC) programme, under umbrella of the Asian Development Bank (ADB), has undertaken $1 billion projects in Pakistan since its inception, mainly in road infrastructure with the purpose to enhance regional connectivity.
Since 2001, almost $28 billion of CAREC-related investments have upgraded key regional links, modernised trade infrastructure, boosted energy supply and cooperation in the region.
Sean O’Sullivan, ADB’s Director General for Central West Asia Department, told reporters on the sidelines of the 49th annual meeting of the ADB that the CAREC initiative was meant to construct economic corridors and $22 billion were meant only for the transport and road sector.
The ADB had helped Islamabad to construct road network from Faisalabad to Multan. Now the ADB is planning to focus on the Pakistan Railways (PR) under which the PR will be restructured to make it economically viable.
The CAREC partnership works to create a network of multimodal transport corridors that open up economic opportunities and intercontinental trade, building a global future for Eurasia. CAREC builds transport infrastructure and moves people and goods across borders faster and at