In a major development, the Asian Development Bank (ADB) has assured to fast-track the process for finalising modalities to provide financial and technical support for the Diamer Bhasha Dam. The assurance was given by ABD Central and West Asia Department Director General Juan Miranda to Minister for Water and Power Syed Naveed Qamar on Tuesday.
An official source said the ground-breaking ceremony for the $12 billion project is pending for the last two months but the government wants firm commitment from the donors to undertake the project for completion within the specified time period of 7 years. The government has already allocated Rs 18 billion for the project during the next fiscal year with only the Islamic Development Bank (IDB) promising the financing.
It is important to mention that the ADB and the World Bank have shown reluctance to finance the dam, as the project is located in Azad Kashmir. Pakistan has built two mega reservoirs, Tarbela and Mangla, with the assistance of the World Bank. The Mangla Dam is located in Azad Kashmir.
