Thursday, September 23, 2021
HomeBusinessSaudi Arabia Approves Rs. 37.4 Billion Loan for Construction of Mohmand Hydropower...

Saudi Arabia Approves Rs. 37.4 Billion Loan for Construction of Mohmand Hydropower Dam

Minister for Economic Affairs highlighted that Mohmand Hydropower Project will not only aid unleash the hydropower possibility of the KhyberPakhtunkhwa Province but also increase energy security by upping the share of hydel energy within the country’s energy mixture. “Our federal government will be focusing on environment-friendly and affordable energy through the growth of solar, wind and hydel resources”, ” he added. The Minister for Economic Affairs appreciated that the Saudi support in the priority growth locations.

Omar Ayub assured that the Saudi envoy of the expeditious use of capital so that the building of this undertaking can possibly be completed. The us government is now focused on advancing renewable power sources to the production of electrical power in the country, said the ministry. Both the sides discussed the bilateral financial cooperation and focused on expedite the execution of continuing development projects. Even the Saudi Ambassador promised continued service in any respect ranges to strengthen the financial cooperation between the two brotherly countries. The Saudi Ambassador explained the Saudi side is committed to play with a lot stronger role in the socio economic creation of Pakistan.

The Ambassador also enjoyed that the role of Pakistani employees in the development of both Saudi Arabia. This dam will be assembled on Swat River in District Mohmand of both KhyberPakhtunkhwa Province and crank out 800MW electricity. It will also irrigate 16,000-acre property and enhance farming growth in the region. This dam can perform a crucial part within the socio-economic uplift of their state. The Saudi Ambassador briefed the Minister of Financial Affairs about the recent successful visit of their Prime Minister of Pakistan Imran Khan to Saudi Arabia. As Stated by the Ministry, the Saudi envoy shared that financing of 901 million Saudi Riyal was accepted for the construction of Mohmand Dam from the Saudi Improvement Fund. The capital would be for 25 years and also an interest rate of 2 percentage is going to be billed it,” said that the envoy of both Saudi Arabia. In accordance with a formal statement issued from the Ministry, Saudi Arabia Ambassador into Pakistan Nawaf Bin Claimed Al-Maliki met the national minister for Economic Affairs Omar Ayub Khan on Wednesday.

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