The World Bank has signed two financial agreements worth $1150 million with Pakistan.
According to particulars, Prime Minister Imran Khan was moreover present on the signing ceremony of financial agreements between the World Bank and Pakistan.
Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar, Federal Minister for Power Mr. Omar Ayub Khan, Chief Minister Khyber Pakhtunkhwa Mr. Mahmood Khan, Advisor to CM Khyber Pakhtunkhwa Mr. Himayat Ullah Khan had been moreover present.
According to the Prime Minister House, that’s concessional financing being provided by the World Bank for the two initiatives to help hydropower and renewable energy enchancment in Khyber Pakhtunkhwa, evacuation, and transmission of power from DASU Hydropower Project.
The Khyber Pakhtunkhwa Hydropower and Renewable Energy Development (KHRE) is a transformational program which may help in setting up functionality and institutions for harvesting the massive renewable energy potential of the Khyber Pakhtunkhwa Province.
Khyber Pakhtunkhwa Hydropower and Renewable Energy Development (KHRE) Project – US$450.0 Million. The problem’s enchancment purpose is to increase the renewable energy period and strengthen the aptitude of associated institutions in KP.
Evacuation of Power from DASU Hydropower (Phase-I) Project – US$700.Zero million: The purpose of the problem is evacuation and transmission of power from 2160 MW Dasu Hydropower (Phase-I) Project to respective load services of DISCOs by constructing of 765 kV double circuit transmission line from DASU HPP to Islamabad by Mansehra. It will even facilitate within the evacuation of power from new upcoming initiatives in that area.
Noor Ahmed, Secretary, Economic Affairs Division signed the 2 mortgage agreements on behalf of the Government of Pakistan whereas the representatives of the Government of Khyber Pakhtunkhwa, WAPDA, and National Transmission & Dispatch Company (NTDC) signed their respective problem agreements.
Mr. Najy Benhassine, Country Director, World Bank signed the agreements on behalf of the World Bank. PM Imran Khan mentioned that Pakistan values its partnership with the World Bank & the Government will proceed with the goal of socio-economic uplift of the people of Pakistan.
The Country Director of WB reiterated his dedication to helping Pakistan and appreciated the federal authorities’s resolve, efforts, and measures throughout the battle in direction of COVID-19 and persevering with efforts for structural reforms.
Makhdum Khusro Bakhtyar, Minister for Economic Affairs, whereas thanking the World Bank for its continued help, said that the Government of Pakistan is devoted to proceed the course of the structural reform of throughout the nation.