Pakistan signs $49million loan agreement with Exim Bank of Korea

KARACHI: Economic Affairs Division Secretary Noor Ahmed has signed a loan agreement of $49.045 million for section-I of Chakdara-Timargarah road (N-45) with the Exim Bank.

Under the Economic Cooperation Development Fund (EDCF), the agreement was signed by Exim Bank of Korea, Senior Executive Director Shin Deong-yong.

The total cost of the project is $60.740 million out of which the Korean bank has committed to providing $49.045 million as a low loan while the government of Pakistan will provide $11.695 million. The project aims to improve connectivity by widening and rehabilitating the existing road and enhance the effective use of national highway (N-45).

This will help to promote trade with neighbouring Central Asian countries by improving major arterial roads and bridges in Khyber-Pakhtunkhwa province.