Monday, May 27, 2024

Korean Bank singed a Loan Agreement of $49 million for Chakdara-Timargarah Road in Pakistan

Pakistan has recently signed an agreement of US dollars $49.045 million loan for the Section-I (N-45) of the Chakdara-Timargarah Road with a Korean Bank “EXIM Bank” under the EDCF- Economic Cooperation Development Fund. Secretary in Economic Affairs Division, Noor Ahmed and Shin Deong-yong the Senior Executive Director of the EXIM Bank has signed this loan agreement.

In this agreement of financing, the National Highway Authority- NHA will soon improve and then widen up to 38.85 KM of the Section-I of Chakdara – Timargara (N-45) Road.

The total cost estimated for this project is US $60.740 million; however, out of which the EXIM Bank of Korea has committed and agreed to provide about US$49.045 Million as a loan to Pakistan while the Pakistan’s Government will provide about US$11.695 Million.

Moreover, The NHA- National Highway Authority and the Ministry of Communications is an Executing Agency for this subject Project.

This project aims to enhance and improve the connection like the connectivity by just widening as well as rehabilitating the current existing road and to properly enhance the effective and efficient use of National Highway (N–45). Moreover, it will help to promote the trade also and that would be with the neighboring Central Asian Countries just by improving the major arterial roads as well as the bridges in the province of Khyber Pakhtunkhwa (KPK).

Mehjabeen Qasim
Mehjabeen Qasim
Business Journalist at Startup Pakistan

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