Source: Unique Pakistan

The United Kingdom, Saudi Arabia and Libya will offer Pakistan financial assistance of $130 million to construct New Balakot city planned for the survivors of 2005 earthquake, which flattened their NWFP town, a document says. According to a Planning Commission document, the Libyan government (Gaddafi Foundation), Department for International Development (DFID of UK) and the Saudi Fund have pledged to provide a sum of $130 million to materialise the Pakistan government’s plan, valuing Rs 12 billion.

The PC-I of the project, which is to be completed in five years, has been sent to the Executive Committee of the National Economic Council for final approval.

The Gaddafi Foundation will finance $25 million, the DFID $35 million and the Saudi Fund $70 million. The government of Pakistan will arrange $70 million through its Public Sector Development Programme.

According to the document, National Engineering Services Pakistan has developed the master plan of new Balakot city spreading over 10,000 kanals.

A project management unit under the Earthquake Reconstruction and Rehabilitation Authority will implement the project whereas the NWFP government will set up a Balakot Development Authority for subsequent development and maintenance of the new city.

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Tags: Balakot, earthquake, ERRA, Libya, New Balakot, NWFP, Pakistan, saudi arabia, United Kingdom