World Bank to finance $1.15 billion for two power projects

ISLAMABAD: The World Bank will provide a concessional financing to support Pakistan’s two power projects.

Prime Minister Imran Khan today witnessed the signing ceremony of two financing agreements worth $ 1.15 billion with the World Bank.

This is concessional financing being provided by the World Bank for the two projects to support hydropower and renewable energy development in Khyber Pakhtunkhwa, evacuation and transmission of power from DASU Hydropower Project.

Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar, Federal Minister for Power Omar Ayub Khan, Chief Minister Khyber Pakhtunkhwa Mahmood Khan, Advisor to CM Khyber Pakhtunkhwa Himayat Ullah Khan were also present.

The projects’ details are: i. Khyber Pakhtunkhwa Hydropower and Renewable Energy Development (KHRE) Project – $450.0 Million.

The project’s development objective is to increase renewable energy generation and strengthen the capacity of associated institutions in Khyber Pakhtunkhwa.

The Khyber Pakhtunkhwa Hydropower and Renewable Energy Development (KHRE) is a transformational program that would help in building capacity and institutions for harvesting the vast renewable energy potential of the Khyber Pakhtunkhwa Province.

The project will support the

(i) construction of 88MW Gabral-Kalam Hydropower Project; and

(ii) construction of 157MW Madyan Hydropower Project.

It would provide planning and management capability to help transform Pakhtunkhwa Energy Development Organization (PEDO) into a world class entity for development of renewable energy resources. ii. Evacuation of Power from DASU Hydropower (Phase-I) Project – US$700.0 million:

The objective of the project is evacuation and transmission of power from 2160 MW Dasu Hydropower (Phase-I) Project to respective load centers of DISCOs by construction of 765 kV double circuit transmission line from DASU HPP to Islamabad via Mansehra.

It will also facilitate in evacuation of power from new upcoming projects in that area. Noor Ahmed, Secretary, Economic Affairs Division signed the two loan agreements on behalf of Government of Pakistan while the representatives of Government of Khyber Pakhtunkhwa, WAPDA and National Transmission & Dispatch Company (NTDC) signed their respective project agreements.

Najy Benhassine, Country Director, World Bank signed the agreements on behalf of the World Bank.

Prime Minister Imran Khan stated that Pakistan values its partnership with the World Bank and the Government will continue with the objective of socio-economic uplift of the people of Pakistan.

The Country Director of WB reiterated his commitment to support Pakistan and appreciated the government’s resolve, efforts and measures in the fight against COVID-19 and continuing efforts for structural reforms.

Makhdum Khusro Bakhtyar, Minister for Economic Affairs, while thanking the World Bank for its continued support, said that Government of Pakistan is committed to continue the structural reforms process in the country.

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