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IDB provides $74 million for KRR construction

IDB provides $74 million for KRR construction

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Sep 16, 2017 - 18:34

KABULinfo-icon (Pajhwok): Finance Minister Eklil Hakimi and Vice President of Islamic Development Bank (IDB) Sayed Aqa on Saturday signed a soft loan agreement for construction of Kabul City Ring Road (KRR) and its other related infrastructures, according to a statement.

President Mohammad Ashraf Ghani, representatives of Wolesi Jirgainfo-icon, cabinet Ministers and other members High Economic Council were present on the occasion.

The 95 km Kabul Ring Road is the important port of National road network directly joins the capital with important highways in the country.

Within the construction of this road, it is expected that road network and road safety to be improved and traffic congestion to be reduced.

Finance Minister Eklil Hakimi said: “The Total cost of this project is estimated 110 million USD, while Afghanistaninfo-icon will provide $ 34.28 million”. 

He thanked the contribution of IDB and presence of IDB’s vice president in Kabul and assured that all the financing would be spent through national budgets, with due regard to effectiveness, sufficiency and transparency, and its procurement process would be done through the National Procurement Office.

The Vice President of IDB said: “Construction of Kabul Ring Road has economic value for both Afghanistan and the region”. He added: “The IDB will continue its support to Afghanistan”.

 It is worth mentioning that, information regarding the aforementioned agreement would be provided to the Media by Mr. Mustafa Aria- Aid Management Director of MoF, Sayed Aqa – Vice president of IDB and Mr. Ajmal Hameed Abdulrahimzai- PR director & Spokesperson of MoF through a press conference in Government Media & Information Center (GMIC).

Pr/nh

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