World Bank Agrees to Partner with PTI Government for KPEC Corridor.

The World Bank agrees to finance the construction of Khyber Pass Economic Corridor (KPEC). It is a 48-km long-road project from Peshawar to Torkham. Therefore, the government has signed a $407 million loan agreement with the World Bank. Secretary Dr Syed Pervaiz Economic Affairs Division (EAD) Abbas and WB’s Country Director Patchamuthu Illangovan are the […] The post World Bank Agrees to Partner with PTI Government for KPEC Corridor. appeared first on Nation Bytes.

Jul 22, 2020 - 16:55 Updated: Jul 22, 2020 - 16:55
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World Bank Agrees to Partner with PTI Government for KPEC Corridor.

The World Bank agrees to finance the construction of Khyber Pass Economic Corridor (KPEC). It is a 48-km long-road project from Peshawar to Torkham. Therefore, the government has signed a $407 million loan agreement with the World Bank.

Secretary Dr Syed Pervaiz Economic Affairs Division (EAD) Abbas and WB’s Country Director Patchamuthu Illangovan are the signatory authorities of the agreement.

However, the Planning commission has opposed the project labeling the project as a “road to nowhere.” He Said:

“The proposed road will end at Torkham, what is there beyond this point to merit such an investment, there is no development on the construction of Torkham-Kabul Motorway from the Afghan side, With already constrained fiscal space and very low traffic volumes at present, taking up the project at a very high cost and with such rich specifications on loan basis is not justified,”

But, the Executive Committee of the National Economic Council led by PM’s adviser approved the project. He is in view of the improving balance of payments position. More so, EAD stated that this road will promote economic development and uplift areas adjoining expressway in the Pakhtunkhwa province.

The project will form an integral part of the planned Peshawar – Kabul – Dushanbe Motorway. The improved regional connectivity through this corridor will not only facilitate the commercial traffic and expand economic activities between Pakistan and Afghanistan but also promote private sector development along the corridor. The government is in the hope that this project will generate 100,000 new jobs in KPK.

The post World Bank Agrees to Partner with PTI Government for KPEC Corridor. appeared first on Nation Bytes.