Islamabad: The government of Pakistan and EXIM Bank of Korea have signed a USD 49.045 million loan agreement for construction of Section 1 of the Chakdara–Timergarah Road – a news source reported on January 28.
According to the details, the agreement was signed by Economic Affairs Secretary Noor Ahmed from Pakistani side, while the Korean bank was represented by EXIM Bank Senior Executive Director Shin Deong-yong.
The project involves widening and improvement of the 38.5-kilometre Chakdara-Timergara section of N-45. The project is expected to cost a total of USD 60.740 million. USD 49.045 million will be provided by Korean bank through soft loan while the remaining amount will be arranged by Pakistan’s government. The project will be executed by NHA.
The development is expected to improve the connectivity by widening and rehabilitating the existing road and enhancing the effective use of the national highway. The road is also expected to help promote trade with neighbouring Central Asian countries.