ISLAMABAD: Federal Secretary for Economic Affairs Division (EAD) Mian Asad Hayaud Din, Nicolas Galley, Ambassador of French Republic, and Philippe STEINMETZ, Country Director of the French Agency for Development (AFD), signed a Credit Facility Agreement Worth Euros 22- million (Rs3662.68-million) for financing ‘Heritage and Urban Regeneration of Lahore Fort and its Buffer Zone Project.’

The Director General of the Walled City of Lahore Authority (WCLA), Kamran Lashari also attended the signing ceremony and appreciated the effort done by the Economic Affairs Division in the provision of soft loan, said an official statement issued here on Thursday.

The PC-1 of the project was approved by CDWP on August 9, 2021 and the Federal Cabinet accorded approval to the signing of the loan financing agreement with AFD on July 5, 2022.

The cost of the project is Rs4036.590 Million (US$ 22.880 million) including Foreign Exchange Component (FEC) of Rs3662.68 Million (AFD share). The project is part of the Walled City Lahore Master Plan and aims at renovation/ restoration of the Lahore Fort; which is symbol of Pakistan’s rich history and a landmark of Mughal heritage and generate additional income and jobs through promotion of tourism.

It will provide new tourism facilities and public amenities to improve the visitor experience and will help stimulate local economic development in the area. French Republic through the French Agency for Development is working in Pakistan for providing technical and financial support to develop low-carbon infrastructures.

Till date, AFD has committed Euros 611.86m financial support and this project marks new era of economic cooperation between Government of Pakistan and France in the field of heritage and cultural tourism. Federal Secretary for Economic Affairs extended gratitude to the Ambassador of France to Pakistan, AFD and the French Government for extending financial assistance to Pakistan.