Islamic Development Bank to support Kabul Ring Road project with $74m loan
AVA- Mustafa Arya, the director of the grants consolidation in the ministry of finance, told reporters in Kabul that the agreement has been signed between the national economic council led by President Mohammad Ashraf Ghani and the Islamic Development Bank.
He said based on the agreement, the Islamic Development Bank will provide the amount on the basis of returnable loan so that the project can be implemented.
Arya further added that the ring road having a length of 95 kilometers will be completed over a period of five years.
According to Arya, other public welfare projects such schools and clinics will also be built along the ring road.
He said Kabul ring road will connect Kabul with certain provinces via Kabul-Kandahar, Kabul-Logar, and Kabul-Balkh highways.
In the meantime, the Office of the President, ARG Palace, said the agreement for the grant was signed by minister of finance and deputy chief of the Islamic Development Bank in the palace today.
According to the ARG Palace, the project is estimated to bear a cost of around $110 million.