The signing ceremony for the loan for KPEC was held at Economic Affairs division. Pakistan also signed agreement with Germany for Hydropower and Renewable Energy Phase-II worth €12.5 million.
ISLAMABAD: (Urdu Point/Pakistan Point News-Dec 14th, 2019) Word Bank agreed to grant a loan of $406.6 million to Pakistan for the development of the Khyber Pass Economic Corridor (KPEC) Project, the reports said.
According to the details, Minister for Economic Affairs Hammad Azhar attended the signing ceremony of the KPEC at Economic Affairs Division in Islamabad.
Khyber Pass Economic Corridor (KPEC) Project—is a 48 kilometer long 4-lane project, with dual carriageway high-speed access controlled motorway, from Peshawar to Torkham. This project will be a gateway for economic development. It will uplift areas adjoining expressway falling in Khyber Pakhtunkhwa province.
Pakistan and Germany also signed an agreement for Hydropower and Renewable Energy Phase-II worth €12.5 million, the reports said. Secretary Economic Affairs Division Dr Syed Pervaiz Abbas signed the agreement on behalf of Pakistan while Country Director German Development Bank (KfW) Wolfgang Moellers signed the agreement on behalf of Germany. The economic affairs minister was also present during the signing ceremony. KfW, the reports said, would provide grant assistance worth €12.5 million to the government of Gilgit-Baltistan and Aga Khan Rural Support programme.