PESHAWAR: Pakhtunkhwa Energy Development Organisation (PEDO), Habib Bank Limited (HBL) and Bank of Khyber (BoK) on Wednesday signed an agreement for provision of Rs 7.2 billion for completion of energy projects in Khyber Pakhtunkhwa.

The signing ceremony of the agreement between PEDO and commercial banks was held at PEDO House, Peshawar. Representatives of Habib Bank and Khyber Bank including Provincial Minister for Finance and Health Taimur Saleem Jhagra, Secretary Energy and Power Syed Imtiaz Hussain Shah, Chief Executive PEDO Engr Naeem Khan and UK Aid Funded Sustainable Energy & Economic Development (SEED) Programme and Bridge Factor advisors also attended the ceremony.

PEDO in the province has honor to borrow Rs 7.2 billion from commercial banks for the first time through commercial financing to enable expeditious completion of ongoing energy projects as a corporate to repay the proceeds from the projects.

On this occasion Provincial Minister for Finance and Health Taimur Saleem Jhagra has said that PEDO would start work on 1200 MW power projects in the next few years.

He added that PEDO is working for the generation of affordable and environmentally friendly electricity in the Province while the wheeling model will be expanded for the development of industrial sector and employment generation.

Speaking at the event, Jhagra said the agreement would make PEDO emerging as a financially independent entity, which would have a positive impact on the company’s performance.

Secretary Energy Syed Imtiaz Hussain Shah and Chief Executive Office PEDO Engr Naeem Khan thanked the guests.

PEDO is working hard on a number of projects to generate cheap electricity from water in the province. The ongoing projects of PEDO are generating billions of rupees annually for the province.

Copyright Business Recorder, 2022