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House passes Italy loan for railway project

AT News

KABUL: The members of parliament on Wednesday approved a 65 million Euro loan from Italy for the Herat-Khwaf railway project. It would be a long-term loan.

An agreement on this regard was signed between parliament’s commission of financial affairs on Wednesday.

Azim Mohseni, head of the commission, called the long-term loan as “urgent” to include the national budget.

The government of Italy is to finance the second phase of the Herat-Khwaf railway project from Rabat Beryan to Herat airport, according to the agreement.

The loan is said to be paid in three installments with 40 million Euros at the first and second installments, while the remaining 25 million Euros would be paid at the third installment.

The loan would be returned in 40 years, according to the agreement with 29 years as moratorium.

Azim Kobrzani, member of parliament’s financial commission, said the no interest would be charged on the loan.

The parliament had earlier approved loans from Saudi Arabia for school building and road construction projects.

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