The authorities has signed an settlement with the OPEC Fund for International Development for the availability of $72 million to the united states of america for the Mohmand Dam Hydropower Project.
The venture is a multi-purpose concrete confronted rockfill dam built on Swat River placed at a distance of approximately 48 km from Peshawar and five km upstream of Munda Headworks in Mohmand District of Khyber-Pakhtunkhwa.
In addition to generating 1,three hundred megawatts of strength, it will beautify Pakistan’s water garage potential by using 1,293 million acre feet (MAF), offer meals security buffer, supply 13.32 cubic of clean consuming water to the citizens of
Peshawar and create extra than 6,000 direct activity opportunities for the local community.
Aftab Ahmad Khokhar, Ambassador of Pakistan in Vienna and Dr Abdul Hameed Al Khalifa, Director General, OPEC Fund for International Development signed the settlement on June 15, 2022 in Vienna, Austria. The p.C. Was declared effective on July 27, 2022.
The challenge might be financed with the support of the Saudi Fund for Development, Kuwait Fund for Development, Islamic Development Bank (IDB), and OPEC Fund for International Development.
The Mohmand Dam Hydropower Project is predicted to be completed by using 2025.
The signing of the agreement additionally reflects the self assurance of the global financial establishments at the destiny of Pakistan’s economy.
In March this 12 months, the government had secured a $one hundred eighty million mortgage from IDB for the mission. However, it was still seeking over $500 million to bridge the financing gap.
IDB President Dr Muhammad Al Jasser had said again then that the bank took delight in operating along its companions to aid Pakistan in a strategic challenge of national importance.
“We are operating with different companions from the Arab Coordination Group together with one of the most skilled government in Pakistan, Wapda, to increase a multi-purpose dam with a purpose to not best beautify power and water supply but also enhance the livelihoods of neighborhood groups and defend them against floods,” the financial institution president had delivered.
The total task price as in line with accredited PC-1 became Rs310 billion, inclusive of nearby funding of Rs238 billion.
However, at that point, the authorities wished foreign investment equivalent to $seven-hundred million and there was still a gap of approximately $520 million,
Pakistan had already signed a settlement with a joint undertaking comprising CGGC and Descon in March 2019.
Then finest Imran Khan had done the groundbreaking rite notwithstanding the reality that his authorities couldn’t gain financial near of the challenge.