LAHORE, July 8(ABC): France on Thursday gave Pakistan €22 million in soft loans to renovate and restore the Lahore fort. The loan was held up for nearly a year.
A signing ceremony for the loan was held on Thursday. Economic Affairs Division (EAD) Secretary Mian Asad Hayauddin, French Ambassador Nicolas Galley, and French Agency for Development (AFD) Country Director Philippe Steinmetz (AFD), signed the credit facility agreement, a statement said.
The ‘Heritage and Urban Regeneration of Lahore Fort and its Buffer Zone Project’ was part of the Walled City Lahore Master Plan. It aims to renovate and restore the Lahore Fort – a symbol of Pakistan’s rich history and a landmark of Mughal heritage.
The project also aims to generate additional income and jobs by stimulating local economic development in the area through the provision of new tourism facilities and public amenities to improve the visitor experience.
The project concept-I of the had been approved by the Central Development Working Party (CDWP) – as per the rule for foreign-funded projects – on August 9, 2021. But it was not until July 5, 2022, that the federal cabinet approved the loan financing agreement.
In all, the project costs Rs4.037 billion ($22.88 million). This includes a foreign exchange component (FEC) of Rs3.663 billion – to be borne by AFD.
France has been providing financial and technical support. The former includes a commitment of €611.86 million. The comprises support for developing low-carbon infrastructures.
This project, however, is among the first in the field of heritage and cultural tourism.