Saudi Arabia approves 901mn Saudi riyal funding for Mohmand dam

Saudi Arabia funding of 901 million Saudi Riyal approved for the construction of Mohmand Hydropower Dam, Kingdom’s Ambassador to Pakistan Nawaf Bin Said Al-Maliki on Wednesday.

The Saudi representative shared this while meeting with the Federal Minister for Economic Affairs Omar Ayub, in the meeting the success of Prime Minister Imran Khan was also discussed.

He said that backing of 901 million Saudi Riyal was approved for the construction of Mohmand Dam from the Saudi Development Fund. “The funding is for 25 years and an interest rate of two percent will be charged on it,” said the envoy of Saudi Arabia.

Omar Ayub guaranteed the Saudi envoy Nawaf Bin Said Al-Maliki that Saudi Arabia’s funding consumption will be made quickly so that the construction of the project could be accelerated. “The government is currently focused on improving renewable energy sources for the generation of power in the country,” he said.

On May 19, Prime Minister Imran Khan did the groundbreaking of the Mohmand Dam construction site. PM stated that the previous governments instead of building dams for reasonable electricity generations signed excessive agreements to make money off the top.

However, PM Khan said his government is worried about the future of the nation and not the win in the next elections alone for which they have put 10 projects happening for cheaper electricity that will complete by 2028.

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