Saudi Arabia’s ambassador to Pakistan Nawaf bin Saeed Al-Malkiy has informed that the kingdom of Saudi Arabia has approved 901 million Saudi riyals or roughly Rs 37.4 billion for the Mohmand hydropower project in Pakistan.
The honourable ambassador was meeting with Federal Minister for Economic Relations Omar Ayub Khan in Islamabad, where it was highlighted that the loan would be provided at a minimal rate of 2 percent for 25 years.
It was mentioned that the dam would irrigate 16,000 hectares of land and increase agricultural productivity in the Khyber-Pakhtunkhwa region, along with socio-economic uplift of the province.”
Ayub stressed that the Mohmand Hydropower project will not only help reap the hydropower potential of K-P province, but will also improve energy security by increasing the share of Hydel energy in the country’s energy mix.
The two sides also negotiated bilateral economic cooperation and pledged to accelerate the implementation of ongoing development projects. Ayub assured Saudi command that financial aid would be readily available.
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