The Pak-Kuwait Additional Loan Agreement of US $32 million for Neelum Jhelum Hydropower Project was signed here on Thursday. Secretary EAD Saleem Sethi and Deputy DG Kuwait Fund for Arab Economic Development (KFED) Hamad Al-Omar signed the agreement on behalf of their respective governments. Minister for Finance Ishaq Dar and Kuwait Ambassador Nawaf Abdul Aziz Alenezi witnessed the ceremony.
Kuwait, it may be added, has already been co-financing this project with an amount of 42 million dollars. The project has 969MW generation capacity, total cost of Rs 274 billion with a planned foreign funding of 1,585 million dollars. In this regard 1,110 million dollars have been committed by donors including IDB, Saudi Fund, Opec Fund, Kuwait Fund and China Exim Bank.
Minister for Finance Ishaq Dar in his brief remarks welcomed signing of the agreement, saying it was another chapter added to Pak-Kuwait economic co-operation. On behalf of the Prime Minister, the Minister for Finance thanked the leadership and people of Kuwait for their continued support to Pakistan. Hamad Al-Omar on the occasion said he was pleased to sign the agreement and that Kuwait would keep extending support for development projects in Pakistan.-PR
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