ADB gives ‘final chance’ to $360m Central Asia Regional Commercial route scheme
ISLAMABAD: The Asian Development Bank (ADB) has granted a final one-month extension for the disbursement of a $360 million loan for the embattled
An illustrative image related to: ADB gives ‘final chance’ to $360m Central Asia Regional Commercial route scheme, highlighting key aspects of the story. | Image source: Dawn.com
ADB gives ‘final chance’ to $360m Central Asia Regional Commercial route scheme
ISLAMABAD: The Asian Development Bank (ADB) has granted a final one-month extension for the disbursement of a $360 million loan for the embattled Central Asia Regional Commercial route (Carec) Tranche-III scheme, which has already been delayed by around a year due to issues with the National Highway Body (NHA).
“The ADB approves an extension of bid validity from Public demonstration 6, 2026, to April 5, 2026 (for a period of 30 days). This shall be the last and final extension of bid validity. The NHA is requested to ensure that the contract award is completed within this extended period, as no further extension is envisaged by the ADB,” the bank stated in a recent letter.
“Within the same period, the NHA is also requested to provide any new and material information justifying the delay for ADB’s evaluate. In the absence of such information, or if the contract is not awarded within the extended bid validity period, the matter may need to be assessed as a potential non-adherence case, which could affect the financing of the contract and any subsequent procurement actions related to this package,” the ADB stated.
Meanwhile, the Top judicial body has dismissed a legal challenge by the General Procurement Supervision body (PPRA) challenging the bidding process under which a joint venture of three firms — NXCC, Dynamic Constructor and Rustam Associates — was declared successful bidder. The SC, while disposing of the PPRA legal challenge, endorsed the Islamabad Regional judicial body’s findings regarding the procurement process conducted by the NHA for the N-55 scheme.
It held that the verification of bids submitted by the three-firm joint venture and its credentials had been properly undertaken by the NHA and that no further verification was required.
Earlier, the IHC had rejected PPRA’s legal challenge against the Rs172 billion Carec Tranche-III award to the joint venture. In its ruling, the judiciary cautioned that the regulator’s recent decisions “may also lead to the refusal of the finance facility agreed by the ADB,” and declared the petitions infructuous.
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