OPEC Fund to give $50 million loan for Neelum Jhelum project

BusinessOPEC Fund to give $50 million loan for Neelum Jhelum project

WASHINGTON: Pakistan and the OPEC Fund for International Development (OFID) have entered into a loan agreement, under which the OFID would provide $50 million for completion of Neelum Jhelum Hydropower Plant Project.

The agreement to this effect was signed by Finance Minister Ishaq Dar and Director General OFID in Washington.

   

Speaking on the occasion‚ the Finance Minister said the government is focusing on hydel power projects to generate cheap electricity. He said Diamer Bhasha Dam‚ Dasu and Neelum-Jhelum hydel projects will bring economic revolution in the country.

The construction of the hydroelectric power plant involves diversion of the Neelum River through an underground tunnel system.

The project is aimed at meeting growing electric power demand through improved access to electricity and reliable power supply while boosting the share of hydro-generated power in the overall mix of electricity generation of Pakistan.

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