PHOTO: REUTERS
LAHORE: The Islamic Development Bank (IDB) has expressed keen interest in financing hydroelectric power projects in Pakistan as the country needs cheap and affordable electricity for all.
The IDB expressed the interest in a meeting between its six-member delegation, headed by its President Dr Bandar MH Hajjar, and Water and Power Development Authority (Wapda) Chairman Lieutenant General (Retired) Muzammil Hussain on Friday.
They discussed potential support for the development of a programme that would facilitate construction of hydroelectric power projects in Pakistan.
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The IDB president, expressing keen interest in funding hydroelectric power projects, congratulated Wapda for the recent landmark as the Neelum-Jhelum hydroelectric power project generated 1,040 megawatts of electricity, which was 108% of its installed capacity of 969MW.
He emphasised that the IDB felt honoured to be a leading partner in the development of that engineering marvel.
The IDB provided $357.6 million in financing for the construction of Neelum-Jhelum power project. In addition to that, it provided financial assistance of $150.2 million for three high-head hydroelectric power projects. These were Khan Khwar, Duber Khwar and Allai Khwar with cumulative generation capacity of 323MW.
Speaking in the meeting, the Wapda chairman praised the IDB for providing financial assistance to complete various hydroelectric power projects of Wapda.
“The IDB and Wapda have a longstanding relationship of mutual cooperation and this cooperation will further strengthen in the upcoming Wapda projects,” he said.
Hussain stressed that Wapda hydroelectric power projects provided excellent investment opportunities and like other institutions the IDB could also take benefit of such investment avenues.
He also briefed the delegation about the new and upcoming Wapda projects including Mohmand Dam, Diamer Bhasha Dam and Keyal Khwar power project.
Innovation Parks
Earlier, the IDB president expressed interest in the Innovation Parks planned to be developed in Punjab in a bid to help the technology sector grow rapidly.
He talked about the parks during a meeting with Punjab Board of Investment and Trade (PBIT) CEO Jahanzeb Burana.
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The IDB chief appreciated efforts of the PBIT and expressed interest in the concept of Innovation Parks. The PBIT would follow up the matter with IDB Group Director Investments Hedi Mejai in order to explore technical details of possible collaboration on Innovation Parks.
Burana highlighted the major initiatives taken by the PBIT, particularly the work on introducing smart regulations in the province and the efforts made to develop Innovation Parks that would provide an environment conducive for the technology sector to grow.
Burana, being an ex-employee of the IDB Group where he worked as a senior investment specialist, asked the IDB president to expand the role of the bank in Pakistan.
Published in The Express Tribune, May 4th, 2019.
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