The Republic of Korea and the Economic Affairs Division of the government of Pakistan has signed a loan agreement for a supplementary amount of $7.2 million, on Wednesday.
The National Transmission and Dispatch Company (NTDC) has completed around 70 per cent of work on the Ghazi Road grid station in Lahore under the original $16.5 million loan. Korea, after consultation with stakeholders, has agreed to extend another $7.2 million for the completion of the project. The loan will be disbursed within 18 months, and will carry a nominal interest rate of 0.15 per cent per annum.
Korea has also signed a similar agreement for the provision of $45 million for Gujranwala Electric Power Company (GEPCO) substations. The project is under implementation and the loan will be utilised to design, procure and install equipment with technical assistance from Korea.
Published in The Express Tribune, March 9th, 2012.
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