Germany, Canada, Italy and Norway have so far swapped their $750 million loans for social, rehabilitation and infrastructure development in Pakistan.
Officials of Economic Affairs Division told Business Recorder here on Wednesday that Germany has debt swapped Euro 105 million through four separate agreements while it has offered fifth debt swap for Euro 20 million for which government of Pakistan has given its concurrence.
The earlier four Debt Swap agreements were (a) Euro 25.56 million for education in the Punjab province (b) Euro 25.56 million for education in NWFP, Euro 30 million for infrastructure in NWFP and Euro 25 million for construction of Middle schools in NWFP.
They said that Canadian Debt Swap was the first debt swap concluded with any government worth C$449 million for education sector particularly for teachers training. There are separate components for Federal Government and al the provinces for which PC-1s have been approved and assignment account are being opened.
Officials said that Italy has swapped/cancelled $170 million through two separate agreements. Under the first agreement Italy cancelled its loan of $85 million in lieu of the expenditure incurred on Afghan refugees. Under the second swap agreement government of Pakistan will utilise Swap funds of $85 million on projects in areas of rural development and poverty reduction.
They said that Norway has swapped $20 million that would be spent through Pakistan Earthquake fund (PEF) established at ADP in four equal instalments of $5 million each.
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