The government of Pakistan and the Saudi Fund for Development (SFD) signed two loan agreements amounting to $107 million for Hydropower Projects.
A delegation from the Saudi Fund for Development (SFD), led by Sultan Bin Abdul Rehman Al Marshad, Chief Executive Officer (CEO), SFD, called on Ahad Khan Cheema, Minister for Economic Affairs today.
The minister welcomed the delegation and appreciated the efforts of SFD for financing in the fields of Health, Energy, Infrastructure, and Education as well as the recent floods.
The minister also witnessed the signing of the loan agreements for the Shounter Hydropower Project (48 MW) – $66 million and the Jagran IV Hydropower Project (22 MW) – $41 million. Dr. Kazim Niaz, Secretary, Economic Affairs Division, and SFD CEO signed the financing agreements.
These endeavors aim at harnessing the indigenously available hydropower potential and generating 70 MW hydropower, which will be transmitted to the national grid. Moreover, it will help in eradicating the menace of deforestation by providing electricity as an alternative to the energy needs of the local communities, who hitherto are entirely dependent on forest wood; and create economic opportunities for socioeconomic uplift of the people of AJK.
The minister appreciated the role and support of SFD to Pakistan at a very challenging time and assured the delegation of further strengthening ties in the future. Sultan Bin Abdul Rehman assured Pakistan of SFD’s continued support to Pakistan.
