Saudi Arabia to finance Mohmand hydroelectric project in Pakistan

Saudi Arabia to finance Mohmand hydroelectric project in Pakistan

ISLAMABAD — Saudi Arabia will give a soft development loan worth more than $240 million to finance a hydropower project in Pakistan. The Saudi Fund for Development (SFD), represented by its CEO Sultan Al-Marshad, on Friday signed the development agreement to fund the Mohmand Hydropower Dam Project. The project aims to enhance the supply of energy and water for agricultural use and domestic consumption, as well as protection from flood risks. At the signing ceremony, the Pakistani side was represented by the Undersecretary of the Ministry of Economic Affairs, Dr. Kazim Niaz. Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki and several officials from both sides were present. By financing this project, the SFD seeks to enhance Pakistan's ability to produce clean and renewable energy, by increasing the production capacity to 800 megawatts of electricity, in addition to storing about 1.6 million cubic meters of water to provide sustainable water sources for agriculture and human consumption. The project will also enhance water and food security by irrigating more than 6,773 hectares of new agricultural land, increasing the current cropping area from 1,517 hectares to 9,227 hectares, and protecting the region from the impact of floods. During the ceremony, SFD's CEO