The Asian Development Bank (ADB) has granted a final one-month extension for the $360 million CAREC Tranche-III project, urging Pakistan’s National Highway Authority (NHA) to complete the contract award process within the new deadline.
The CAREC project is part of a major regional development initiative aimed at improving transport infrastructure, regional connectivity, and economic cooperation among Central Asian countries.
According to officials, the project has already faced nearly a year of delays, primarily due to administrative and procedural issues involving the National Highway Authority (NHA).
The extension provided by the ADB is considered the final opportunity for the authorities to finalize the required contracts and move forward with the development work.
The $360 million loan allocated for the project is intended to support infrastructure development that strengthens trade routes and improves transportation links across the region.
The Central Asia Regional Economic Cooperation (CAREC) program plays an important role in connecting countries through improved road networks, trade corridors, and economic partnerships.
ADB officials have emphasized that the contract award process must be completed within the newly granted deadline to avoid further complications.
Failure to meet the deadline could risk non-compliance with ADB project requirements, potentially affecting funding and the overall progress of the initiative.
Experts say infrastructure projects under the CAREC program are essential for enhancing regional trade and economic growth.
Improved connectivity between Pakistan and Central Asian countries can help strengthen trade routes and create new economic opportunities for the region.
The ADB’s latest decision highlights the urgency for authorities to resolve pending administrative issues and ensure that the project moves forward without further delays.
Government officials are now expected to accelerate the contract approval process to safeguard the funding and ensure timely completion of the project.
