Saudi Arabia to give $100 million loan for Neelum Jhelum Hydropower Project

BusinessSaudi Arabia to give $100 million loan for Neelum Jhelum Hydropower Project

ISLAMABAD: Pakistan and Saudi Arabia on Thursday signed an additional loan agreement of $100 million for Neelum Jhelum Hydropower Project (NJHP).

The Kingdom has already been co-financing the project with an amount of $81 million.

   

The agreement was signed at a ceremony in Islamabad on Thursday by Managing Director of the Saudi Fund for Development Yousef Ibrahim al-Bassam‚ and Secretary Economic Affairs Nargis Sethi.

Saudi Ambassador to Pakistan Abdul Aziz Ibrahim Al Ghadeer also attended the signing ceremony.

On this occasion‚ the MD of Saudi Fund also announced a grant of $100 million for health and education in Pakistan.

Speaking on the occasion‚ the Secretary Economic Affairs highlighted the present government’s development agenda and its serious endeavours to bring socio-economic development by undertaking people oriented policies.

Eng. Yousef Ibrahim al-Bassam expressed the commitment of the Kingdom for the progress and development of people of Pakistan.

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