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HomeEconomyPakistan, OPEC -Fund sign financing agreement of $72mn for MDHP

Pakistan, OPEC -Fund sign financing agreement of $72mn for MDHP

Aug 03, 2022: The government of Pakistan and OPEC Fund for International Development (OPEC Fund) signed Financing Agreement amounting to US$ 72 million for Mohmand Dam Hydropower Project (MDHP)

The OPEC Fund for International Development (OPEC Fund) and the Government of Pakistan signed a loan agreement amounting to US $ 72 million for the financing of the Mohmand Dam Hydropower Project, said a press release issued here.

Mohmand Dam Hydropower Project is being constructed on Swat River in Mohmand district of Khyber Pakhtunkhwa province.

The construction of this Dam will not only generate annually 2,862 GWh of cheap and clean energy, but also enhance Pakistan's Water Storage Capacity by 1,293 million acre feet (MAF) and Food Security buffer, providing 13.32 cumec of clean drinking water to the residents of Peshawar City and creating more than 6,000 new employment opportunities in the region.

The financing agreement was signed by Mr. Aftab Ahmad Khokher, Pakistan's Ambassador in Vienna and Dr. Abdulhamid Alkhalifa, Director General, OPEC Fund for International Development (OPEC Fund) on 15th June 2022 at Vienna, Austria, which has been declared effective as of 27th July 2022.

The Mohmand Dam Hydropower Project is being co-financed by Saudi Fund for Development (SFD), Kuwait Fund for Development (KFD), Islamic Development Bank (lsDB) and OPEC Fund for International Development (OPEC Fund) and will be completed by 2025.

Signing of this Agreement also reflects the confidence of International Financial Institutions in Pakistan's economy and its future.

APP

Posted on: 2022-08-03T23:59:38+05:00

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