Home Business & Finance France provides 65 million Euros soft loan for co-financing of BRT Red Line in Karachi

France provides 65 million Euros soft loan for co-financing of BRT Red Line in Karachi

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Mr. Noor Ahmed, Secretary of Economic Affairs Division (EAD), H.E. Mr Marc Barety, Ambassador of France, and Mr. Philippe Steinmetz, Country Director of the French Agency for Development (AFD), signed the Credit Financing Agreement worth Euros 65 million to co-finance with ADB, AIIB and Green Climate Fund (GCF). Subsequent Project Agreement was signed between AFD , Transport and Mass transit Department of Sindh Province, Sindh Mass transit Authority and TransKarachi for the implementation.

Beyond the 26,6km corridor infrastructure, this project is innovative in many ways:

– the substantial financial effort made by development agencies for a higher impact for people livelihoods. It will be one of the very first collaborative operations for AIIB and GCF in Pakistan on urban development.

– on climate change mitigation, the choice made for the bio-methane hybrid bus technology, powered by a dedicated waste methanisation plant. This technology combined with the massive transport supply, will further limit CO2 emissions from the public transport system.

– the holistic street approach for this urban development project, including organization and facilities for the all public space along the BRT corridor.

– its Gender and Social Inclusion dimensions through adoption of good practices in accessibility and gender mainstreaming. In addition, the project includes a support component for the transition of the existing bus sector with the integration of informal operators into the new system, which is an essential prerequisite for their proper and full commissioning.

France, through the French Agency for Development, is providing technical and financial support in energy and urban development sector in Pakistan, where Euros 850 million financial support has been committed since 2016.

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