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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