June 10, 2021: Saudi Arabia will provide a financing of over 37 billion rupees for Mohmand Hydropower Project.
This was announced by Ambassador of Saudi Arabia in Pakistan Nawaf bin Said Al-Maliki who called on Minister for Economic Affairs Omar Ayub Khan in Islamabad yesterday.
During the meeting, the Saudi Ambassador informed that Saudi Fund for Development has approved this financing at highly concessional terms with two percent interest rate and 25-years repayment period.
Speaking on the occasion, Minister for Economic Affairs highlighted that Mohmand Hydropower Project will not only help unleash hydropower potential of the Khyber Pakhtunkhwa Province but also improve energy security by increasing share of hydel power in the country's energy mix.
He said our government is focusing on environment friendly and affordable energy through development of solar, wind and hydel resources.
The Saudi Ambassador assured of continued support at all level to further strengthen the economic cooperation between the two brotherly countries. He said that the Saudi Arabia is committed to play a much stronger role in the socioeconomic development of Pakistan.
Mohmand dam will be constructed on Swat River in District Mohmand of Khyber Pakhtunkhwa Province and generate 800MW electricity. It will also irrigate 16,000 acre land and boost agriculture productivity in the region. This dam will play vital role in socioeconomic uplift of the province.