ISLAMABAD: Pakistan on Thursday 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).

Secretary, Economic Affairs Division Noor Ahmed and from Korean-side, Senior Executive Director of EXIM Bank Mr. Shin Deong-yong, signed the said loan agreement,said as press release issued by Ministry of Economic Affairs.

Under this financing agreement, National Highway Authority (NHA) will improve and widen 38.85 KM of Chakdara -Timargara Section-I (N-45).

The total cost of the project is $ 60.740 million out of which Korean EXIM Bank has committed to provide $ 49.045 Million as soft loan while the Government of Pakistan will provide US$ 11.695 Million.

The National Highway Authority (NHA), Ministry of Communications is the Executing Agency for the subject Project.The project aims to improve the connectivity by widening and rehabilitating the existing road and enhance the effective use of National Highway (N – 45).

It will also help to promote trade with neighboring Central Asian Countries by improving major arterial roads and bridges in Khyber Pakhtunkhwa province.