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World Bank approves Dasu Hydroelectric power project for Pakistan

June 11, 2014

Signifying growing international confidence in Pakistan's economic revival and energy plans, the World Bank Tuesday approved the Dasu Hydroelectric Power project at a pre-scheduled meeting of its Executive Directors.

The meeting, chaired by Sri Mulyani Indrawati, the Managing Director and the Chief Operating Officer of the World Bank, endorsed the Dasu project with an overwhelming support with all the members including the United States voting in favour of the project.

Dasu Hydroelectric Power or Dasu Dam is a critical project to meet Pakistan's energy needs with a potential to generate 4200 MW of cheap electricity. Upon completion, it will substantially increase the generation capacity of the country, reduce subsidies, change the fuel mix and bring down the cost of electricity generation.

"Today's decision by the World Bank to support the project is a reflection of the international financial institutions' confidence on Pakistan's economic revival and its clear vision to overcome the energy requirements of the country," the Pakistani embassy said.

"It will also open the sector of hydel power generation to the private participation."

The U.S. support for the project is in line with the commitment made by the leadership of the two countries to enhance cooperation in the energy sector as envisioned by President Obama and Prime Minister Muhammad Nawaz Sharif in the Joint Statement of October 2013, an embassy statement said.

Progress on this critical project for Pakistan will help forge the Pakistan- U.S. partnership on a lasting basis and further strengthen the bilateral relations between the two countries."

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Source: Balochistan Times (Pakistan)

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