Kuwait Fund for Arab Economic Development (KFAED) is to provide a loan of $ 40 million to Pakistan for construction of Neelum-Jhelum Hydropower project.
The loan Agreement signing ceremony took place first between Economic Affairs Division on behalf of the Government of Pakistan and Kuwait Fund and subsequently with Neelum Jhelum Hydropower Project Company (NJHPC) a subsidiary of Water & Power Development Authority (WAPDA) which was a legal requirement to make the Loan Agreement effective.
The agreement was signed Monday by. Mr. Abdul Wajid Rana, Secretary EAD who represented the Government of Pakistan while Lt. Gen. (R) Muhammad Zubair, Chief Executive Officer represented the NJHPC.
The Neelum Jhelum Hydropower Project is located at Muzaffarabad district of AJK. Upon its completion it will generate approximately 1000 MW of electricity. KFAED is one of the donors of this project, the other donors being Exim Bank China, UAE and Saudi Fund for Development.
The project aims at developing the National power Generation System to meet the increasing electricity demand in the country and indigenous renewable energy resources namely the hydro resources.
Kuwait Fund to provide $ 40m for Neelum-Jhelum hydropower project
