PESHAWAR: The provincial cabinet of Khyber Pakhtunkhwa has decided to borrow $30 million from the Saudi Fund for Development (SFD), said an official statement on Friday, for the reconstruction of infrastructure in the Malakand division.
The area, known for its picturesque Swat Valley and popular tourist destinations, has navigated a turbulent path due to militancy and conflict in recent years, coupled with the devastating effects of natural disasters like floods.
It has undergone severe challenges that have not only affected its infrastructure and economy but also the daily lives of its inhabitants, highlighting the need for comprehensive recovery and development initiatives.
“The provincial cabinet approved … borrowing [of] loan amounting [to] $30.000 million from Saudi Fund for Development (SFD) to participate in financing of reconstruction of infrastructure of Malakand region,” the statement issued by the provincial authorities said.
The SFD has provided financial assistance to Pakistan and funded development projects in various parts of the country.
It has already done significant work to rehabilitate infrastructure in Malakand to improve people’s access to socioeconomic services and civic amenities.
Most of the projects supported by the Saudi agency include the reconstruction of link roads, street pavements, irrigation and drainage channels, small bridges and culverts in Swat district.
