Pakistan signs $49m deal with Exim Bank of Korea
Pakistan signs $49m deal with Exim Bank of Korea
ISLAMABAD:
Economic Affairs Division Secretary Noor Ahmed signed a loan agreement of $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 the Korean side, the agreement was signed by Exim Bank Senior Executive Director Shin Deong-yong.
Under this financing agreement, National Highway Authority (NHA) will improve and widen 38.85km of Chakdara-Timargara Section-I (N-45). The total cost of the project is $60.740 million out of which the Korean bank has committed to provide $49.045 million as soft loan while the government of Pakistan will provide $11.695 million.
Korean EXIM Bank to provide $49.045 million for Chakdara-Timargarah Road
January 28, 2021
ISLAMABAD, Pakistan: The Secretary of Economic Affairs Division Noor Ahmed on Thursday signed a loan agreement of US$ 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.
Pakistan wants to take its ties with Korea to higher trajectory: President Arif Alvi
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ISLAMABAD, Pakistan: President Dr. Arif Alvi has said that Pakistan highly values its ties with the Republic of Korea and wants to further take the relations to a higher trajectory in all areas of mutual interest.
In a meeting with the outgoing Ambassador of the Republic of Korea Kwak Sung-kyu who met him at Aiwan-e-Sadr in Islamabad on Thursday, the president emphasized the need to encourage cultural and political exchanges which can bring Pakistan and the Republic of Korea further closer.
The president said that both the Countries have enormous potential in the area of trade and measures are needed to increase the existing volume of trade.