News Column

World Bank approves USD 580 mln for Pakistani project

June 12, 2014

ISLAMABAD, June 11 (KUNA) -- The World Bank?'s Board of Directors unanimously approved USD 580 million for the 4500 megawatt Dasu Hydropower Project of northern Pakistan, Federal Minister for Finance Mohammad Ishaq Dar informed the National Assembly on Wednesday.

The World Bank?'s Board of Executive Directors has approved a financing package from the International Development Association (IDA), the World Bank Group?'s grant and low-interest arm, to help expand hydro-electricity generation in Pakistan through the development of the Dasu Hydropower Stage-I Project (DHP-I), said an official press release.

Earlier, all 25 members of the World Bank?'s executive board met in Washington to consider Pakistan?'s request for financial support for the project. Dasu hydroelectric power or Dasu Dam, situated in northern Khyber Pakhtunkhwa province of Pakistan, is a critical project to meet the energy needs of Pakistan with a potential to generate 4500 MWs of cheap electricity.

Pakistan?'s Ambassador to United States, Jalil Abbas Jilani said, "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," adding, "It will also open the sector of hydel-power generation to the private participation." The Dasu project is already appraised and the donors had earlier assured Pakistan that if it sends out the approval letter, the IDA would give credit of USD 700 million for resettlement, and other preparatory works needed. (end)

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Source: Kuwait News Agency

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