Pakistan signs $49m deal with Exim Bank of Korea

ISLAMABAD:

Economic Affairs Division Secretary Noor Ahmed signed a loan agreement of $49.045 million for section-I of Chakdara-Timargarah road (N-45) with the Exim Bank of Korea under the Economic Cooperation Development Fund (EDCF). From the Korean side, the agreement was signed by Exim Bank Senior Executive Director Shin Deong-yong.

Under this financing agreement, National Highway Authority (NHA) will improve and widen 38.85km of Chakdara-Timargara Section-I (N-45). The total cost of the project is $60.740 million out of which the Korean bank has committed to provide $49.045 million as soft 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). It will also help to promote trade with neighbouring Central Asian countries by improving major arterial roads and bridges in Khyber-Pakhtunkhwa province.

Published in The Express Tribune, January 29^th, 2021.

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