Thursday, April 18, 2024

France to Provide Rs. 12.3 Billion Loan for Karachi Red Line Project

The French government is financing the Red Line BRT project in Karachi with a soft loan of Rs12.3 billion (65 million euros).

Ambassador of France in Pakistan Marc Barety and country director of the French Agency for Development (AFD) signed a credit financing agreement in Islamabad with Secretary for Economic Affairs Division Noor Ahmed to co-finance with the Asian Development Bank, Asian Infrastructure Investment Bank, and Green Climate Fund to facilitate the credit.

For a smooth and linked service, the Red Line is proposed to connect with the Green Line, which is currently under construction, at the Numaish station. From Numaish station to Merewether Tower, Red Line services will continue on the shared common corridor.

The project’s soft loan of Rs12.3 billion demonstrates that the development agencies’ significant financial commitment is aimed at having a greater effect on people’s livelihoods. According to a press release from the French embassy, it will be one of the AIIB and GCF’s first joint urban planning operations in Pakistan.

Related Articles

Latest Articles