ISLAMABAD: The Asi­an Development Bank (ADB) has expressed concern that a $360 million (Rs108 billion) loan earmarked for the Central Asia Regional Economic Cooperation Corridor (Car­ec) Development Inve­stment Programme’s Tran­che III could lapse next year without project’s completion.

The significant delay in utilising the loan is mainly due to the failure of the Tranche III road project to begin, resulting from controversies in the bidding process discussed in five parliamentary standing committee meetings.

Without immediate acc­ele­ration by the National Highway Authority (NHA), the funds will expire without the completion of the Tranche-III road project, which involves widening sections of the N55 Highway.

In a letter seen by Dawn, the ADB warned the economic affairs division that based on current progress, there was a........

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