Pakistan and the Opec Fund for International Development (OFID) entered into a loan agreement here on Thursday, under which the OFID would provide 50 million US dollars for completion of Neelum-Jhelum hydropower project. Finance Minister Ishaq Dar and Director General OFID signed the agreement. The objective of the original project is the construction of a hydroelectric power plant, involving the diversion of the Neelum River through an underground tunnel system.
The project is aimed at meeting growing electric power demand through improved access to electricity and reliable power supply while boosting the share of hydro-generated power in the overall mix of electricity generation of Pakistan. The Opec Fund for International Development is the development finance institution established by the Member States of Opec in 1976 as a collective channel of aid to the developing countries.
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