WB to fund 2 power projects

$450m loan will be provided for Madyan, Gabral projects

PESHAWAR:

The World Bank (WB) will fund two hydropower projects of 245 megawatts in Swat district next year, the completion of which will bring an annual income of more than Rs13 billion to the province.

The WB will lend money to the Khyber-Pakhtunkhwa (K-P) government.

In this regard, an important meeting was held under the chairmanship of Secretary Energy and Power Nisar Ahmad Khan, with the project directors of WB regarding progress on both the projects. The meeting was also attended by Special Secretary Energy Tashfeen Haider, Chief Executive PEDO Engineer Naeem Khan, Chief Engineer PEDO Shah Hussain.

While giving a briefing to the energy secretary, it was revealed that the WB will fund the construction of two hydropower projects in Swat district next year.

It is part of the development of K-P energy sector and includes the 157 MW Madyan Hydropower Project and 88 MW Gabral Kalam Hydropower Project.

In this regard, a $450 million agreement has been signed between the WB and the provincial government.

These projects will be completed by 2027, which will generate an annual income of more than Rs13 billion.

The process of appointing an international consultant for the projects has been completed, who has started work on the work plan and future strategy of the project and the practical work on the projects under the planning will be started from this year. In the meeting, Nisar Ahmad Khan appreciated the steps taken by the WB for the provision of financial support in the energy sector and the development of the energy sector in the province and expressed the hope that foreign investment will come to the province from the above mentioned projects, which will help the province’s development and the provincial economy will be stabalised.

He expressed his displeasure over the delay in the construction of the projects by the field staff working on the projects and while reviewing the timelines, issued strict instructions to the respective project directors to follow the given new timelines.

He warned that any further delay will not be tolerated.