$34 million loan for Lyari Expressway
ISLAMABAD: The federal government and the Kuwait Fund for Arab Economic Development have signed a $34 million loan agreement to construct Lyari Expressway in Karachi, an official statement said on Tuesday.
Shuja Shah, secretary economic affairs, signed the agreement on behalf of the Pakistan government and Hesham Ibrahim Fares Al-Waqayan, deputy director general, represented the Kuwait Fund.
The loan would cover 24 percent of the total project cost and it would be for a period of 24 years including a six year of grace period. The National Highway Authority would execute the project. The total cost of the project had been estimated at $138 million. The project covers a 16.5 kilometre control access, four-lane dual carriage Lyari Expressway, with two interchanges, five flyovers and five underpasses. Two lanes each would be constructed on both banks of the Lyari River. The project aims at providing faster, congestion free, shorter and environment friendly intercity connection between Mauripur Road and the Super Highway.
The government has estimated Rs 414 million as the annual revenue from the toll proceeds. According to the statement, the Kuwait Fund is also considering funding various infrastructure projects. The Kuwait Fund is already funding the Second Rural Electrification, Second Transmission Line Grid Station and Ghazi Barotha Hydroelectric Station. staff report