ISLAMABAD (APP) - Secretary, Economic Affairs Division, Dr. Kazim Niaz and Chief Executive Officer (CEO), Saudi Fund for Development (SFD) here Friday signed loan agreements US$ 66.00 million for Shounter Hydropower Project (48 MW) and US$ 41.00 million Jagran IV Hydropower Project (22 MW).
Minister for Economic Affairs Ahad Khan Cheema witnessed the signing ceremony, according to press statement issued by Economic Affairs Division.
These endeavours aim at harnessing the indigenously available hydropower potential and generating 70 MW hydropower, which will be transmitted to the national grid.
Moreover, it will help in eradicating the menace of deforestation by providing electricity as an alternative to the energy needs of the local communities, who hitherto are entirely dependent on forest wood; and create economic opportunities for socioeconomic uplift of the people of Azad Jammu and Kashmir.
It is pertinent to mention that a delegation from the Saudi Fund for Development (SFD), led by Sultan Bin Abdul Rehman Al Marshad, Chief Executive Officer (CEO), SFD is currently visiting Pakistan.
The delegation called on Minister for Economic Affairs, Ahad Khan Cheema, the statement said adding The CEO, SFD, thanked him and government of Pakistan for the warm welcome and hospitality as well as the conferment of award.