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

MANILA, Philippines (AP) — The Asian Development Bank announced Friday its approval of a $100 million loan for a highway project in Pakistan, marking its first co-financing with the China-led Asian Infrastructure Investment Bank.

AIIB will provide a $100 million counterpart loan subject to its board's approval later this month while the United Kingdom's Department of International Development is extending a $34 million grant, ADB said.