ISLAMABAD, Pakistan: The Secretary of Economic Affairs Division Noor Ahmed on Thursday signed a loan agreement of US$ 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 Korean-side, the Senior Executive Director of EXIM Bank Shin Deong-yong signed the said loan agreement.
Under this financing agreement, the National Highway Authority (NHA) will improve and widen 38.85 kilometers of Chakdara-Timargara Section-I (N-45).
The total cost of the project is US$ 60.740 million out of which Korean EXIM Bank has committed to provide US$ 49.045 million as soft loan while the government of Pakistan will provide US$ 11.695 million.
The National Highway Authority (NHA), the Ministry of Communications is the Executing Agency for the subject Project.
The project aims to improve the connectivity by widening and rehabilitating the existing road and enhance the effective use of the National Highway (N-45).
It will also help to promote trade with neighboring Central Asian Countries by improving major arterial roads and bridges in Khyber the Pakhtunkhwa province.