World Bank signs agreement with Pakistan

Islamabad: World Bank has signed an agreement with Pakistan 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 will assist Pakistan in implementation of the NTCIP, and also strengthening the institutional arrangements for NTCIP.

The objective of the project is to improve the performance of Pakistan’s trade and transport logistics by facilitating the implementation of the NTCIP and the simplification and modernisation of Pakistan’s international trade practices and procedures.

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 will implement the project.

The committed amount is a soft loan and Pakistan will repay the credit in 35 years including 10 years of grace period.