The European Investment Bank (EIB) has financed about Euro 223.6 million for Pakistan's five energy and power projects since 1995 following a framework agreement between the bank and Pakistani government in 1994.
According to official documents, EIB started financing activities in Asia in 1993 and has granted loans worth more than EUR 5.1 billion for projects in Asia, of which Euro 223.6 million in Pakistan, making the country fourth largest recipient country in Asia after China, India and Vietnam.
The recent declaratory statement for Euro 100 million for cofinancing 128 megawatt Keyal Khwar Hydropower Project in Khyber Pakhtunkhwa province of the country was signed this week between Economic Affairs Division and EIB.
The Keyal Khwar project, that is scheduled to be completed in four years, will be built in Dasu district of KhyberPakhtunkhwa on the right tributary of the Indus river.
Water and Power Development Authority (WAPDA) will implement the project while The project consists of a 128 MW run-of-river hydropower plant with a small. 1.5 hector reservoir for daily regulation.
The EIB provided Euro 35 million in 2006 for DG Khan Cement Project which envisaged construction and operation of a cement plant on a Greenfield site with a capacity of 2.2 million tons of cement per year to cater to domestic needs. EIB also provided Euro 43.6 million in 2003 for White Oil Pipeline project which consists of construction and operation of a 782 kilometre long oil pipeline for transportation of white oil (refined petroleum) from Karachi to Mahmood Kot near Multan.
The bank provided Euro 21 million in 1997 for Ghazi-Barotha Hydropower (b). The project consisted of the design, construction and commissioning a run-of-the-river hydropower complex with installed capacity of 1,450 megawatt, generating 6.600GWh of energy per annum.
Earlier, the bank had provided Euro 24 million for Ghazi-Barotha Hydropower (a) which consisted design, construction and commissioning a run-of-the-river hydropower complex with installed capacity of 1,450 megawatt, generating 6.600GWh of energy per annum.