ERRA gets 55 mln euros debt cancelled by successful completion of projects

ISLAMABAD: Earthquake Reconstruction and Rehabilitation Authority (ERRA) has contributed towards national exchequer through a debt swap program which allowed cancelling of German debt of over Rs 5254.42 million (55 Million Euros) by successful completion of 159 educational, 217 water and sanitation and 22 roads and bridges projects.

It is worth mentioning that ERRA has contributed to cancel this loan by managing the projects through routine financial allocation and made full use of Germany’s Debt Swap Program agreement which was signed between Franfurt AM Main (KfW), EAD and ERRA in 2008, says a press release.

The debt swap program focused on reconstruction of education, road and bridges in KP and since ERRA was already assigned the job of reconstruction and rehabilitation in the affected areas, made a smart move to take up the program which has today benefitted Government of Pakistan by a debt swap of 55 million Euro.