AZHAR ALI KHAN
KARACHI: Japan International Cooperation Agency (JICA) will extend a soft loan worth Rs14.90 billion to Pakistan for the “Khyber Pakhtunkhwa Emergency Rural Road Rehabilitation Project”.
An ODA Loan agreement to this effect was signed today at Tokyo between President JICA, Sadako Ogata, and Secretary Economic Affairs Division, Sibtain Fazal Halim. President Asif Ali Zardari and Japanese Prime Minister Noato Kan, witnessed the signing ceremony.
The funds for the project will be released after obtaining the legal opinion of Pakistan’s Federal Ministry of Law, Justice and Parliamentary Affairs. The project will address early restoration from the flood disaster which has brought serious damages throughout the country in the recent months.
With another Japanese ODA loan agreement up to 5 billion Yen for “Emergency Import Support Loan”, signed on January 21, 2011, the Japanese ODA loans of total 19.7 billion Yen will be extended to flood disaster restoration activities in Pakistan. Both ODA Loans are extended on soft terms with interest rate of 0.01 percent and repayment period of 40 years including grace period of 10 years.
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