ISLAMABAD: Earthquake Reconstruction and Rehabilitation Authority (ERRA) has contributed Rs 5254.42 million (55 million euros) to the national exchequer through a debt swap programme which allowed the cancelling of the mentioned German debt after the authority successfully completed work on 159 educational, 217 water and sanitation and 22 roads and bridges projects.
It is worth mentioning here that ERRA had contributed to get the loan cancelled by managing the projects through routine financial allocation and made full use of Germany’s Debt Swap Programme agreement which was signed between Franfurt AM Main (KfW), EAD and ERRA in 2008.
The debt swap programme, focused on reconstruction of educational institutions, roads and bridges in Khyber Pakhtunkhwa, was smartly managed by ERRA which finished pending projects on time to ensure that the national exchequer benefitted from the move.