Pak-Kuwait Additional Loan Agreement for Neelum-Jhelum Hydropower Project Signed

The Pak-Kuwait Additional Loan Agreement of USD 32 million for Neelum Jhelum Hydropower Project was signed here on Thursday.

Secretary EAD, Saleem Sethi and Dy. DG Kuwait Fund for Arab Economic Development (KFED), Hamad Al-Omar signed the agreement on behalf of their respective governments. Finance Minister, Ishaq Dar and Kuwait Ambassador, Nawaf Abdul Aziz Alenezi witnessed the ceremony.

Kuwait, it may be added has already been co-financing this project with an amount of USD 42 million.

The project with 969 MW generation capacity, has a total cost of Rs 274 billion with a planned foreign funding of USD 1585 Million. In this regard USD 1110 million have been committed by various donors including IDB, Saudi Fund, OPEC Fund, Kuwait Fund and China Exim Bank.

Finance Minister, Ishaq Dar in his brief remarks on the occasion welcomed signing of the Agreement, saying it was another chapter added to Pak-Kuwait economic cooperation. On behalf of the Prime Minister, the Finance Minister thanked the leadership and people of Kuwait for their continued support to Pakistan. Hamad Al-Omar on this occasion said he was pleased to sign the agreement and that Kuwait would keep extending support for development projects in Pakistan.