EOBI and SCCI sign MoU

The Employees Old Age Benefit Institute (EOBI) on Tuesday signed memorandum of understanding (MoU) with the Sarhad Chamber of Commerce & Industry (SCCI) to invest Rs 4.2 billion in the Malakand-III Hydropower Generation Project. The Malakand-III Project, an 81 megawatt electricity project had been started with Rs 2.5 billion by the provincial government of NWFP to produce cheap electricity for NWFP industries on subsidised rates. More than 70 per cent work on the project has been completed and the remaining would be completed next year.