ISLAMABAD: France announced that it would supply a soft loan 130 million Euros for financing Peshawar bus rapid project.Noor Ahmed, Secretary, Economic Affairs Division (EAD), French Ambassador Marc Barety, Country Director of French Agency for Development (AFD) Jacky AMPROU on Tuesday signed a Credit Facility Consentment worth Euros 130 m for financing Peshawar Sustainable Bus Rapid Transit Corridor project.The revised PC-1 of project was approved by ECNEC on November 14th, 2018 and Federal Cabinet accorded approval to signing of loan financing agreement with AFD on January 2nd, 2019.The project is co-financed by Asian Development Bank and AFD.The revised cost of 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 shall contribute to Government of Pakistan strategy to resolve issues of urban transportation.
It shall supply safe, efficient and consolationable user friendly mass transit system which shall be well integrated with existing transport facilities.It shall also help in improving energy efficiency and air quality through reduction of Green Home Gas emissions.
France through French Agency for Development is working in Pakistan, providing technical and financial support to develop low-carbon infrastructures.Till date, AFD has committed Euros 880m financial support while this project is opening new avenue of collaboration in Urban development sector.
Secretary EAD thanked Ambassador of France to Pakistan, AFD and French Government for extending financial assistance to Pakistan.
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