ISLAMABAD: The French embassy in Islamabad on Tuesday announced that it was extending a Rs19.5 billion (Euro 130 million) loan to the Pakistan Tehreek-e-Insaf (PTI) government for completing the Peshawar metro bus project, that has been in limbo for nearly two years since its groundbreaking in October 2017. According to a press release, the credit facility agreement was signed between French Ambassador Marc Barety, French Agency for Development Country Director Jacky AMPROU and Economic Affairs Secretary Noor Ahmed. ‘MUCH-DELAYED PROJECT’:It’s been nearly two years since the groundbreaking of the much orchestrated Peshawar Bus Rapid Transit (BRT) project that was to be completed within “six months”. According to reports, the government has approved the cost escalation of 38 per cent for the project, revising upward from Rs49bn to Rs68bn. The revised cost, which still might not be the final one, is 53.46 per cent higher than the total cost of Punjab’s most expensive mass transit project – the Rawalpindi-Islamabad Metro Bus – that was completed at a cost of Rs44.31bn.

Source: Pakistan Today January 22, 2019 15:02 UTC