World Bank will finance Khyber Pass Economic Corridor

The World Bank has provided Pakistan a loan of $406.6 million for the construction of the Khyber Pass Economic Corridor (KPEC) project, a local English daily reported on Saturday.

Minister for Economic Affairs Hammad Azhar oversaw the signing ceremony of the document at the division.

the project will construct 48 km long 4-Lane, dual carriageway high-speed access controlled motorway, from Peshawar to Torkham. This project will promote economic development and uplift areas adjoining expressway falling in Khyber Pakhtunkhwa province.

In another agreement, Pakistan and Germany inked an agreement for Hydropower and Renewable Energy Phase-II worth €12.5 million.

According to this agreement, the German Development Bank will provide €12.5 million to the government of Gilgit-Baltistan and Aga Khan Rural Support programme.