What benefits does the Diamer Bhasha Dam offer to Pakistan?

Special Assistant to the Prime Minister on Information and Broadcasting Asim Saleem Bajwa shared news on Twitter of the construction of the Diamer Bhasha Dam saying this is “historic news for all generations of Pakistan.”
He went on to say that this initiation will act as a “huge stimulus for (Pakistan’s) economy.”
Prime Minister Imran Khan was told Monday that all issues related to the initiation of the dam’s contruction that included settlement, detailed roadmap for mobilisation of financial resources etc. had been taken care of and the project was set to begin.
A meeting was chaired regarding national water security strategy and dam construction to solve the country’s agricultural and energy needs.
The Prime Minister expressed satisfaction and the construction activities were ordered commencement.
The meeting also discussed several reasons why Diamer Bhasha Dam project had remained untouched for decades.
What benefits does the dam have for Pakistan?

The Diamer Bhasha Dam is expected to create 16,500 jobs, and use huge quantities of cement and steel to boost the industry in addition to its key purposes of water storage.
It will produce 4,500 MW of cheap and affordable electricity to meet the country’s pending energy needs.
The dam’s water-storage capacity of 6.4 MAF (Million Acre Feet) will minimize the existing water deficit in the country, 12 MAF to 6.1 MAF. By reducing sedimentation, it will add 35 years to the life of the Tarbela Dam.
The dam will also put an area of 1.23 million acres of land under agriculture.
It would also be a big source of flood prevention, which would save billions of annual flood damage.
Building dams in the country would help meet energy requirements at an affordable rate, said the PM, in addition to maximizing the use of available water resources for agricultural needs.
During the construction process, the prime minister directed that priority should be given to using local material and skills, which would provide huge job opportunities for the people.
It will also improve construction and related industries, and provide the economy with huge stimulus, he added.