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Monday, January 4, 2010

Kuwait Fund to provide $ 50 million for Higher Education project in AJK

ISLAMABAD, Jan 4 : Kuwait Fund for Arab Economic Development is to provide a loan of approximately $ 50 million to Pakistan to finance the Reconstruction of Higher Education Institution Project in the earthquake affected areas of Azad Kashmir.

The Agreement was signed here on Monday by Government of Pakistan and Kuwait Fund for Arab Economic Development amounting to Kuwaiti Dinars fourteen million three hundred thousand KD. 14,300,000/- (approximately US $ 50 million).

Secretary Economic Affairs Division Mr. Sibtain Fazal Halim, and Deputy Director General of Kuwait Fund Mr. Hesham Al-Waqayan, signed the Loan Agreement on behalf of their respective Governments.

The Project aims at the Reconstruction of selected Higher Education Institutions damaged by the October 2005 earthquake in the areas of Azad Jammu and Kashmir through seismically safe and improved designs, in order to restore equitable access to higher quality education. The Project comprises about 30 colleges that were badly damaged and includes reconstructions works, provision of furniture and educational equipment, and engineering services for the design and supervision.

The Loan bears an interest rate at 0.5% per annum and another 0.5% per annum to cover administration costs and other expenses. The repayment period of the loan will be 20 years with 5 year grace period. INP

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