World Bank and the Government of Pakistan on Wednesday signed an agreement for strengthening the National Trade Corridor Improvement Programme (NTCIP) amounting to $25 million in the Economic Affairs Division for the trade and Transport Facilitation Project-II(TTFP-2).
Under the Agreement, the World Bank committed the amount to support Government of Pakistan in the implementation of the NTCIP, and also to strengthen the institutional arrangements for NTCIP. The agreement was signed by Farrukh Qayyum, Secretary Economic Affairs Division on behalf of the Government of Pakistan and Yusupha B. Crookes, Country Director, World Bank on behalf of the World Bank.
The objective of the project is to improve the performance of Pakistan's trade and transport logistics by facilitating: (a) the implementation of the National Trade Corridor improvement Programme (NTCIP): and (b) the simplification and modernisation of the Pakistan's international trade practices and procedures.
The project will be implemented by the National Trade Corridor Management Unit (NTCMU) in the Planning Commission, and the Trade and Transport Facilitation Unit (TTFU) in the Ministry of Commerce and Trade. The Project closing date is December 31, 2013. The committed amount is a soft loan and Government of Pakistan will repay the credit in 35 years including 10 years of grace period. The credit is interest free, however service charges at the rate of 0.75 per cent per annum and commitment charges of maximum 0.5 per cent per annum on un-disbursed balance will apply.-PR
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