Germany to provide 12.5 million euros for hydro-power projects in Gilgit-Baltistan
Moreover, the Asian Development Bank (ADB) also plans to invest a whopping $2 billion in the energy sector during the coming three years.
“Pakistan and Germany have inked financing agreement for Hydropower and Renewable Energy Phase-II worth 2,145.29 million rupees,” reported Radio Pakistan.
The pact signing ceremony attended by Minister for Economic Affairs Hammad Azhar was held on Friday. Secretary, Economic Affairs Division Dr.Syed Pervaiz Abbas and Country Director, German Development Bank Wolfgang Moellers signed the financing agreement.
Hammad Azhar expressed his gratitude for the German government’s support. He said that the grant assistance from the German government will be helpful in addressing the increasing energy needs of the region.
Addressing the ceremony, Country Director, KfW Wolfgang Moellers said that soon the population of Gilgit-Baltistan will have access to the green and sustainable energy, which will contribute towards socio-economic uplift of the masses.
Under the agreement, grant assistance worth 12.5 million Euros from the German Development Bank will go to the Government of Gilgit-Baltistan and the Agha Khan Rural Support program. The two components of the project, hydropower, and biodiversity, will be executed by the Water & Power Department of GB Government and Agha Khan Rural Support Programme respectively.
The Hydropower and Renewable Energy Phase-II will be helpful in providing electricity to the people of Hunza and Nagar through the utilisation of its abundant water resources. Moreover, the Asian Development Bank (ADB) also plans to invest a whopping $2 billion in the energy sector during the coming three years.