The World Bank Offers $1.15 Billion For Two Power Projects In Pakistan

This project will reinforce the construction of an 88MW Gabral-Kalam Hydropower Project, as well as the 157MW Madyan Hydropower Project.

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WB Offers $1.15bn For Two Power Projects In Pakistan

The World Bank has inked agreements with the Government of Pakistan to provide concessional funding of $1.15 billion for two power projects.

The funding will go towards the development of hydropower and renewable energy project in Khyber Pakhtunkhwa (KP).

Likewise, the funds would also be released for the transmission of power from the DASU Hydropower Project.

The Economic Affairs Division secretary Noor Ahmed inked the two loan agreements on behalf of the national government.

The Government of Khyber Pakhtunkhwa, the Water and Power Development Authority (WAPDA), and the National Transmission and Dispatch Company (NTDC) had representatives ink their respective project agreements.

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Meanwhile, the World Bank country director Najy Benhassine signed the agreements on behalf of the bank.

Under the first agreement, World Bank has consented to provide Pakistan with $450m for Khyber Pakhtunkhwa Hydropower and Renewable Energy Development project.

This project will reinforce the construction of an 88MW Gabral-Kalam Hydropower Project, as well as the 157MW Madyan Hydropower Project.

In turn, this will aid the Pakhtunkhwa Energy Development Organization to develop additional renewable energy generation.

As part of the second financing agreement, the World Bank will provide $700m for the transmission of energy from the 2.16GW DASU Hydropower (Phase-I) Project.

The signing ceremony of this project was witnessed by Prime Minister Imran Khan, Economic Affairs Minister Makhdoom Khusro Bakhtyar, and KPK Chief Minister Mahmood Khan.

Speaking on the occasion, Khan said that hydropower generation is one of the major sources of clean and cheap energy which is in line with his government’s priorities.

“This environmental-friendly power generation will not only support our efforts for clean and green Pakistan but also diminish the influence of global warming,” Khan stated.

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