Expand / Collapse search
Watch TV
Menu

This material may not be published, broadcast, rewritten, or redistributed. ©2024 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.

Asia

ADB Oks 1st co-financing with China's AIIB for Pakistan road

Associated Press
Published | Updated

MANILA, Philippines – The Asian Development Bank has approved a $100 million loan for a highway project in Pakistan, marking its first co-financing with the China-led Asian Infrastructure Investment Bank.

The Manila-based ADB announced Friday that AIIB will provide the loan subject to its board's approval later this month. The United Kingdom's Department of International Development is extending a $34 million grant, with ADB serving as lead financier and administrator for the AIIB loan and the grant. AIIB is viewed by some as a rival to the U.S.-led World Bank and the Japan-led ADB, with suspicions China may use it to advance its economic and political interests.

ADB President Takehiko Nakao called the co-financing "a historic milestone" for the ADB and AIIB as they work to meet Asia's pressing infrastructure needs.