K-P signs Rs7.2b deal with banks

Financing will ensure completion of energy projects

PESHAWAR:

An agreement of Rs7.2 billion has been inked for the speedy completion of Khyber Pakhtunkhwa energy projects, said Khyber-Pakhtunkhwa Minister for Finance and Health Minister Taimur Saleem Jhagra.

“For the first time, the projects will be funded by taking loans from banks through corporate commercial financing,” Jhagra told media during the signing ceremony of the agreement between Pakhtunkhwa Energy Development Organisation (PEDO) and commercial banks on Wednesday.

The provincial government would start work on energy projects of 1,200 MW capacity.

Jhagra stated that PEDO would start work on another 1,200 MW of energy projects over the next few years.

“PEDO is active in producing cheap and environmentally friendly electricity in the province,” he said. “The housing model will be expanded for the development of the industrial sector and employment generation.”

Under the agreement, PEDO would emerge as a financially independent entity, which would have a positive impact on the company’s performance, he said.

PEDO Chief Executive Officer Engineer Muhammad Naeem Khan said that funds for ongoing energy projects in the province would be increased by obtaining loans under the financial assistance.

 

Published in The Express Tribune, April 14^th, 2022.

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