ISLAMABAD, Jan 22 (APP):France has provided soft loan of 130 million euros (19.5 billion PKR) for Peshawar Sustainable Bus Rapid Transit Corridor Project (SBRTCP).
Secretary Economic Affairs Division (EAD) Noor Ahmed, Ambassador of France Marc Barety and Country Director of the French Agency for Development (AFD) Jacky AMPROU signed a credit facility agreement here Tuesday, according to a EAD press statement.
The revised PC-1 of the project was approved by the Executive Committee of National Economic Council (ECNEC)on November 14, 2018, while the Federal Cabinet accorded its approval to the signing of the loan financing agreement with AFD on January 2.
The project is co-financed by the Asian Development Bank and AFD. The revised cost of the project is Rs 66.437 billion (US$ 593 million), including Foreign Exchange Component (FEC) of Rs 53.32 billion (ADB and AFD share).
The project will contribute to the Government of Pakistan’s strategy to resolve the issues of urban transportation.
It will provide a safe, efficient and comfortable user friendly mass transit system which will be well integrated with the existing transport facilities.
It will also help in improving energy efficiency and air quality through reduction of Green House Gas emissions.
France through the French Agency for Development is working in Pakistan, providing technical and financial support to develop low-carbon infrastructures.
Till date, AFD has committed euros 880 million financial support while this project is opening a new avenue of collaboration in urban development sector.