ISLAMABAD: A meeting of the Executive Committee of the National Economic Council (Ecnec) Wednesday approved Attabad Lake hydropower project of Rs25.4 billion to produce 54 MW of electricity.

The meeting chaired by Minister for Finance and Revenue Shaukat Tarin, was given a briefing by the Ministry of Planning, Development and Special Initiatives before presenting a summary regarding Attabad Lake Hydropower Project to be executed by the Wapda.

The project envisages construction of 54 MW hydropower project located on the bank of Hunza River, towards downstream end of Attabad Lake.

The energy generated from the above project will be transmitted to the load centres in Hunza Valley.

After due deliberations, the Committee directed the Government of Gilgit-Baltistan and the Wapda to work out an updated proposal ensuring sustainability of the project and present before the Committee for requisite approval.

The finance minister stated that development of the Gilgit-Baltistan is a top priority of the government.

The Ministry of Planning and Development tabled another summary regarding Pakistan Optical Remote Sensing Satellite (PRSS-02) to be sponsored and executed by the Suparco.

The satellite will generate very high resolution earth imaginary and designed for service life of at least seven years.

After detailed discussion, the Committee directed to present a feasibility report of the entire project to gauge its viability in the long run.

The Committee also directed to hire independent financial advisor(s) for exploring funding options and strengthening internal financial capabilities.

The services of globally-reputed technical advisors/consultants may be hired for support in design and procurement.

Federal Minister for Planning and Development Asad Umar, Advisor to the PM on Commerce Abdul Razak Dawood, Advisor to the PM on Institutional Reforms and Austerity Dr Ishrat Hussain, federal secretaries and other senior officers participated in the meeting.

An official said that two other projects on the agenda were deferred.

Copyright Business Recorder, 2021