Saudi Arabian funds for Pakistani hydro project

hydropower  doug wertmanThe agreement is vital for Pakistan to complete the hydro power project which is already in the last phase of construction. (Image source: wertman/Flickr)The Saudi Development Fund (SDF) has pledged US$100mn for the Neelum Jhelum Hydro Power Project in Pakistan

Pakistani commercial attaché Waseem Hayat Bajwa, in Riyadh, revealed, “The SDF representatives approved the draft of the US$100mn loan agreement for the Neelum Jhelum Power Project at a meeting between Pakistani delegates and SDF representatives in Riyadh.”

The meeting was held in July between a Pakistani delegation comprising the Water and Power Development Authority chairman Raghib Abbas Shah, Pakistani Economic Affairs Division additional secretary Haseeb Athar and Neelum Jhelum Hydro Power Project CEO General (Rtd) Muhammad Zubair and SDF executives represented by Saud Al Basan, Abdullah Al Shaibi, Bander and Muhammad Haneebi.

Bajwa noted that this agreement will be of vital importance to Pakistan, which was going through a severe energy crisis and has been in dire need of this financial assistance.

“The Neelum Jhelum project is in the last phase and with this assistance, it will be completed next year,” he added.

The formal signing of the loan agreement will be carried out in September 2013 in Islamabad.

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