Saudi fund provides $240 million for Pakistan’s hydropower dam project

Saudi fund provides $240 million for Pakistan’s hydropower dam project

Islamabad: Saudi Arabia will provide a $240 million loan to co-finance Pakistan’s Mohmand multi-purpose dam project, a major hydro-power complex being built to improve the country’s energy security and water supply for agriculture and drinking purposes. The loan agreement was signed by the SFD CEO Sultan Abdul Rahman Al Marshad, and Pakistan’s Federal Secretary for the Ministry of Economic Affairs, Pakistan, Dr Kazim Niaz. Saudi Ambassador to Pakistan, Nawaf bin Said Al Malki, also attended the ceremony. “This loan represents a strong partnership between Saudi Arabia and Pakistan in promoting sustainable development and achieving the SDGs” according to an official statement. The project, which is co-financed by the Saudi Fund for Development (SFD), OPEC, Islamic Development Bank, and the Kuwait Fund for Arab Economic Development, is expected to significantly improve Pakistan’s energy and water needs. The Mohmand multi-purpose dam project will improve water and food security and improve the living standard for people in the Khyber Pakhtunkhwa province, where almost 80% of the population resides in rural areas boosting the region’s socioeconomic development. The project will utilize renewable energy sources to “generate 800 MW of electricity production capacity, contributing to Pakistan’s energy security” according to the Pakistan government. The water