Kuwait to give $32m loan for Neelum-Jhelum project

ISLAMABAD: Kuwait would provide an additional loan of $32 million for Neelum-Jhelum Hydropower Project under an agreement signed on Thursday.

Secretary Economic Affairs Division (EAD) Saleem Sethi and Deputy Director General 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 were also present.

Kuwait has already been co-financing this project with an amount of $42m. The 969MW project has a total cost of Rs274 billion with a planned foreign funding of $1.585bn.

An amount of $1.11bn has been committed by various donors including Islamic Development Bank (IDB), Saudi Fund, Opec Fund, Kuwait Fund and China Exim Bank.

Dar welcomed signing of the agreement, saying it was another chapter in Pakistan-Kuwait economic cooperation.

Published in Dawn, February 27th, 2015

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Comments (5) Closed

Sachin Tandon

Feb 27, 2015 12:22pm

UD$ 1.11 Bn by in all 5 major Banks, that include China Bank, When ever Pak is in need of funds for development projects, it has to see towards whole world, other wise China is friend in need. Why not China says their all weather friend Pakistan, don't go any where else when we have surplus funds to utilise. When China can commit India US $ 100 Bn then why not for Pakistan. Hope my Pakistani friends do think some times same as we think so.

Recommend 0

Muhammad

Feb 27, 2015 01:05pm

The unending finance requirements, nobody yet knows what would be the final cost and when this project shall eventually complete, if at all it completes. Classical example of mismanagement that continues in NS govt. Unabated. They made big roars in coming into power. Nandipur, Neelum Jhelum, rental Power, Coal drama and now LPG drama. NS drama

Recommend 0

Zafar

Feb 27, 2015 08:24pm

This project should be near completion - or atleast that is what they have been saying for the last few years. They are still looking for foreign funding. What about sending some of the money thrown away building metros to finish this critical energy project to resolve the power crisis.

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Mushtaq

Feb 27, 2015 08:57pm

@Sachin Tandon we wish India the best for loaning more and more money around the World. We don't want any outside penny in Pakistan as it does not benefits ordinary people but fill pockets of few faulty crooks.

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Sachin Tandon

Feb 28, 2015 09:49am

@Mushtaq Dear Mushtaq, you are wrongly understood, India never goes now a days for Loan but whole world wants to invest here, what I have written China wants to invest US $ 100 Bn in India and not giving Loan, You might know that new International Bank has set up by BRICS countries where India is partner and contributing US $ 20 Bn so as to give loans to needy countries like Pakistan. India has surplus Foreign Exchange reserve of US $ 330 Bn, We invite whole world to come Make in India, This doesn't mean we are taking Loan from them, They come happily here in India and earn good returns of their money invested here.

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