Kuwait fund, IDB investment sought in dam projects

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SOURCEThe Express Tribune
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LAHORE: Diamer-Bhasha and Mohmand Dams are vital for water, food and energy security of Pakistan and provide excellent investment opportunities for international financial institutions owing to their excellent rates of return, said Water and Power Development Authority (Wapda) Chairman Muzammil Hussain. Speaking to delegations of the Kuwait Fund for Development (KFD) and the Islamic Development Bank (IDB) on Monday, he highlighted that Wapda had a strong asset base and thus enjoyed the trust of national and international financial institutions in arranging funds for its projects.

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He told the delegations that last year Wapda had completed three mega hydroelectric power projects – 969-megawatt NeelumJhelum, 1,410MW Tarbela 4th extension and 108MW Golen Gol – with support of foreign and domestic financial institutions. The chairman pointed out that the three projects added an unprecedented 2,487MW of hydel electricity to the national grid. Hussain voiced hope that the KFD and IDB would invest in Diamer-Bhasha and Mohmand Dam projects just like their support for other Wapda projects and would become partners in progress of Pakistan. Speaking at the meeting, KFD delegation head Muhammad Sadequi said his institution had immense respect for Wapda because of its achievements in water and hydroelectric power sectors. Sadequi pointed out that the KFD focused on development of indigenous renewable energy resources including hydel electricity for maximising benefits. He expressed the willingness that the KFD could invest in technically sound and financially viable projects. IDB delegation head Yerzhan Jalmukhanov said the largest chunk of IDB investment in Pakistan went in the energy sector.

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Published in The Express Tribune, November 19th, 2019.

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