Latest
Pakistan, World Bank ink two deals worth $1.15 billion for energy projects
APP79-15 ISLAMABAD: October 15 - Prime Minister Imran Khan witnesses signing of Financing Agreements between World Bank and Government of Pakistan. APP

Pakistan, World Bank ink two deals worth $1.15 billion for energy projects

The projects will be undertaken in KPK and will boost Pakistan’s energy production from water and renewable resources

Pakistan and the World Bank inked two agreements related to renewable energy and hydropower projects in KPK worth $1.150 billion. The financing agreements were signed by WB Country Director Najy Benhassine and Economic Affairs Secretary Noor Ahmed, whereas representatives of the KP government and National Transmission & Despatch Company (NTDC) inked the project agreements with the World Bank. Prime Minister Imran Khan, Economic Affairs Minister Makhdoom Khusro Bakhtyar and KP Chief Minister Mahmood Khan were all present at the occasion.

The projects include the $450 million ‘KP Hydropower & Renewable Energy Development Project’ and the $700 million Evacuation of Power from DASU Hydropower Project, which is the first phase of the project.

These project will help the reliance of energy production from renewable sources in the country. The first project will support construction of 88MW Gabral-Kalam Hydropower Project and 157MW Madyan Hydropower Project.

The second project will see the NTDC build a 765kV double circuit transmission line from DASU Hydropower Project to Islamabad via Mansehra. The transmission line will be used to evacuate power from 2,160MW Dasu HPP (Phase-I) and transmit the electricity to respective DISCOs. This would significantly enhance the transmission capacity, reduce line losses and provide stability in the existing electricity network.

Imran Khan was all praise for the project and said that these initiatives will not only help make Pakistan green but also lessen the global warming. “This environmental-friendly power generation will not only support our efforts for clean and green Pakistan but also diminish the impacts of global warming,” the PM stated.

Economic Affairs Minister Makhdum Khusro Bakhtyar thanked the World Bank for their support and said that the government is committed to structural reforms in the country. He also lauded the WB for committing $200 million for desert locust control and development of agriculture sector development.

“The Ministry of National Food Security & Research would utilize this financing to control the locust attack, increase farm productivity, improve crop reporting mechanism and strengthen national food security monitoring & management system in Pakistan,” he added.

About Web Staff

Copyright © 2020 TVI