Saudi Arabia approves the Mohmand Hydropower Dam Loan at Rs. 37.4 Billion

In the case of the building of the Mohmand Hydropower Dam, Saudi Arabia has granted 901 million Riyal Saudi (Rs. 37.4 billion).

According to an official Ministerial Declaration, Saudi Arabia Embassy to Pakistan Nawaf Bin Said Al-Maliki met here on Wednesday with the Federal Ministry of Economic Affairs Omar Ayub Khan.

A recent successful visit of Pakistan's Prime Minister, Imran Khan, to Arabia has been told by the Saudi Embassy to the minister of economic affairs.

The Saudi Envoy reported that the financing to the Mohmand Dam from the Saudi Development Fund of 901 million Saudi Riyal was authorized. This cash has been available for 25 years and would be paid an interest rate of two percent, said the Saudi Arabia ambassador.

Omar Ayub informed the Saudi Arabia ambassador of the speedy use of cash to complete the project building. The government's priority is on boosting the country's renewable energies for electricity generation, the Minister stated.

This dam would build up and generate 800MW of energy on the Swat River in the Mohman district of Khyber Pakhtunkhwa province. It also irrigates 16,000 acres of land in the region and increases output in agriculture. Thus, the dam will play an important part in the provincial government's socio-economic development.

The Economic Minister stressed the importance of the Mohmand hydropower project in unleashing the Khyber Pakhtunkhwa Province's hydropower potential and improving energy safety by boosting its proportion in the energy mix. "The focus of our administration is on energy that is environmentally clean and economical through solar, wind and hydrological development," he said. Saudi assistance in the important sectors of development was acknowledged by the Minister of Economic Affairs.

Both parties also debated bilateral economic integration and agreed to accelerate the delivery of ongoing initiatives for development. The Saudi Ambassador ensured that the two brotherly nations continued their assistance on every level to further enhance economic relations. The Ambassador of Saudi Arabia remarked that the Saudi side is considerably more active in Pakistan's socio-economic growth. The Ambassador also recognized the contribution played by Pakistani workers in Saudi Arabia's growth.

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