960413

Govt approved

banks to provide

guarantees for

NHA projects

ISLAMABAD: The Executive Board of the National Highway Authority has decided that only the banks approved by the government will be able to provide guarantees for the various projects of NHA and that the guarantees provided by financial agencies or insurance companies will not be accepted.

The step, according to a press release, was taken in connection with the financial security for the National Highway Authority projects.

However, agreements with insurance companies, already signed should be honoured, the press release added. The executive board has empowered the administration of National Highway Authority to formulate a policy about the bank guarantees.-APP