ISLAMABAD: Saudi Arabia will provide a financial aid worth more than 37 billion rupees for Mohmand Hydropower Project.
Ambassador of Saudi Arabia in Pakistan Nawaf bin Said Al-Maliki made this announcement in a meeting with Minister for Economic Affairs Omar Ayub Khan in Islamabad.
During the meeting, the Saudi Ambassador informed that the Saudi Fund for Development had approved this financing at highly concessional terms with two percent interest rate and 25-years repayment period.
The minister for economic affairs said that Mohmand Hydropower Project would not only help unleash hydropower potential of the Khyber Pakhtunkhwa but also improve energy security by increasing share of hydel power in the country’s energy mix.
In Dec 2020, Prime Minister Imran Khan had said five decades later after Mangla and Tarbela, Pakistan was going to build two big water dams of Mohmand and Bhasha.
He said the Mohmand dam would generate 800MW of hydroelectricity, irrigate over 16,000 acres of land and contribute heavily to the socio-economic uplift of the region.