A credit facility agreement worth €22 million was signed by the Federal Secretary for Economic Affairs Division (EAD), Mian Asad Hayaud Din, the French Ambassador, Nicolas Galley, and the Country Director of the French Agency for Development (AFD), Philippe Steinmetz, to finance the “Heritage and Urban Regeneration of Lahore Fort and its Buffer Zone Project.”
At the signing event, Kamran Lashari, the director-general of the Walled City of Lahore Authority (WCLA), expressed his appreciation for the Economic Affairs Division’s efforts in providing soft loans.
In addition, on August 9, 2021, CDWP authorized the project’s PC-1, and on July 5, 2022. The Federal Cabinet approved the signing of the loan financing agreement with AFD. The project will cost Rs. 4036.590 million (US$ 22.880 million), which includes an Rs. 3662.68 million Foreign Exchange Component (FEC) (AFD share).
Renovation or restoration of the Lahore Fort will be a part of the Walled City Lahore Master Plan. Moreover, the Lahore Fort is a monument of Mughal heritage and a symbol of Pakistan’s rich past. It also provides additional cash and employment via the promotion of tourism. In addition to enhancing the visiting experience. It will provide additional tourist facilities and public amenities that will support local economic growth.
Through the French Agency for Development. The French Republic is assisting Pakistan in developing low-carbon infrastructure by offering both technical and financial help. Furthermore, this initiative heralds a new era of economic collaboration between the Governments of Pakistan and France in the sphere of historical and cultural tourism. With a financial commitment from AFD of Euros 611.86 million to date.
The federal secretary thanked the French government and its ambassador in Pakistan, AFD, for economic affairs for providing financial support to Pakistan.
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