World Bank, Pakistan Sign Financial Agreements Worth $1150 Million

The World Bank has signed two financial agreements worth $1150 million with Pakistan.

According to details, Prime Minister Imran Khan was also present at the signing ceremony of financial agreements between the World Bank and Pakistan.

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

According to the Prime Minister House, 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.

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.

Prime Minister @ImranKhanPTI witnessed the signing ceremony of two financing agreements worth US$1,150 million with the World Bank, earlier today. pic.twitter.com/Q6En5IRMyp

— Prime Minister's Office, Pakistan (@PakPMO) October 15, 2020

Project 1

Khyber Pakhtunkhwa Hydropower and Renewable Energy Development (KHRE) Project – US$450.0 Million. The project’s development objective is to increase renewable energy generation and strengthen the capacity of associated institutions in KP.

Project 2

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 2 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.

Mr. Najy Benhassine, Country Director, World Bank signed the agreements on behalf of the World Bank. PM Imran Khan stated that Pakistan values its partnership with the World Bank & 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.