ISLAMABAD: The Asian Develop\u00adment Bank (ADB) has granted a final one-month extension for the disbursement of a $360 million loan for the embattled Central Asia Regional Economic Corridor (Carec) Tran\u00adche-III project, which has already been delayed by around a year due to issues with the National Highway Authority (NHA).<\/p>\n
\u201cThe ADB approves an extension of bid validity from March 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,\u201d the bank said in a recent letter.<\/p>\n
\u201cWithin the same period, the NHA is also requested to provide any new and material information justifying the delay for ADB\u2019s review. 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-compliance case, which could affect the financing of the contract and any subsequent procurement actions related to this package,\u201d the ADB said.<\/p>\n
SC rejects challenge to bidding process<\/p>\n
Meanwhile, the Supreme Court has dismissed a petition by the Public Procurement Regulatory Authority (PPRA) challenging the bidding process under which a joint venture of three firms \u2014 NXCC, Dynamic Constructor and Rustam Associates \u2014 was declared successful bidder. The SC, while disposing of the PPRA petition, endorsed the Islamabad High Court\u2019s findings regarding the procurement process conducted by the NHA for the N-55 project.<\/p>\n
Loan disbursement deadline extended till April 5<\/p>\n
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.<\/p>\n
Earlier, the IHC had rejected PPRA\u2019s petition against the Rs172 billion Carec Tranche-III award to the joint venture. In its verdict, the court warned that the regulator\u2019s recent decisions \u201cmay also lead to the refusal of the finance facility agreed by the ADB,\u201d and declared the petitions infructuous.<\/p>\n
Some five parliamentary standing committees had raised objections over the bidding process. However, the NHA maintained all shortcomings had been addressed and the evaluation was conducted according to the prescribed criteria.<\/p>\n
The authority said that average construction turnover, tax returns and bank statements were adequately verified during evaluation and that no additional verification was necessary.<\/p>\n
It also argued that the same successful bidder had already been awarded Lots 2 and 3, questioning why further verification was required for Lots 1 and 4 of Tranche-III.<\/p>\n
In an earlier communication, the ADB had expressed concern that the $360m (Rs108bn) loan allocated for the Carec Development Investment Programme\u2019s Tranche-III could lapse next year without project\u2019s completion.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD: The Asian Develop\u00adment Bank (ADB) has granted a final one-month extension for the disbursement of a $360 million loan for the embattled Central Asia Regional Economic Corridor (Carec) Tran\u00adche-III project, which has already been delayed by around a year due to issues with the National Highway Authority (NHA). \u201cThe ADB approves an extension of […]<\/p>\n","protected":false},"author":1,"featured_media":16824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/16823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16823"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/16823\/revisions"}],"predecessor-version":[{"id":16825,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/16823\/revisions\/16825"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/16824"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}