World Bank to Provide USD 406 Million Loan to Pakistan for Khyber Pass Economic Corridor Project
Pakistan and the World Bank have signed a loan agreement worth USD 406 million for the Khyber Pass Economic Corridor (KPEC) project.
Islamabad, December 14: Pakistan and the World Bank have signed a loan agreement worth USD 406 million for the Khyber Pass Economic Corridor (KPEC) project. Dawn has reported that the project aims to construct of a 48-km long, four-lane, 7.3- meter-wide dual carriageway, highspeed access-controlled motorway, which will run from Peshawar to Torkham border point with Afghanistan, in a bid to promote economic development and uplift areas adjoining the expressway and falling in Khyber Pakhtunkhwa (KP).
As per a statement by Pakistan's Economic Affairs Division, the project envisages public-private partnership (PPP) and private financing to develop clusters of economic activity, economic zones, and expressways.
"The connecting transport infrastructure and economic zones will provide a strong foundation for private businesses to invest in these zones," the statement read. The project is expected to create more than 100,000 jobs in the Khyber Pakhtunkhwa province.