PREPARE pasta according to package directions; drain.
MEANWHILE, HEAT oil and garlic in medium saucepan over medium heat until garlic is fragrant. Stir in flour and black pepper; cook, stirring constantly, for 30 seconds. Add evaporated milk and broth. Cook, stirring constantly, for about 8 minutes or until mixture comes to a gentle boil and thickens slightly. Stir in 1/2 cup cheese until melted. Add shrimp and bell pepper; heat for an additional minute or until shrimp are warm.
TOSS with pasta. Top with remaining 2 tablespoons cheese and basil. Serve immediately.