Source: The News
Date: Sep 30, 2010
ISLAMABAD: The World Bank has approved a credit of $130 million in additional financing for the Pakistan highway rehabilitation project to continue revitalising and modernising Pakistan’s highway system, a bank announcement said on Wednesday.
According to the announcement, the project will further create a productive and efficient highway network, lowering transportation bottlenecks and costs, particularly crucial in the light of tremendous damage caused by the recent floods.
The additional financing route was chosen to ensure fast processing of funds for the flood-affected communities. Out of $130 million, $20 million is part of the billion-dollar floods package announced by the World Bank, it said.
The credits from the International Development Association (IDA), the World Bank’s concessionary arm, have 40 years to maturity with a 10-year grace period; they carry a service charge of 0.75 percent.
The project consists of three components, rehabilitating 514km of highways, resurfacing 342km of highways and reconstructing 128km of damaged roads that provide vital access to remote and disaster-prone communities.
View the link for details: http://thenews.com.pk/30-09-2010/ethenews/e-7340.htm
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