Saudis to finance $100m Neelam-Jhelum hydro project


The Pakistan government is set to receive funds of about $100 milion from the Saudi Development Fund (SDF) to finance the the Neelum-Jhelum hydropower project.
Pakistani Commercial Attaché Waseem Hayat Bajwa told the Saudi Gazette that a delegation from Pakistan met officials from the SDF and outlined a draft of the $100 million loan agreement.
The delegation comprised WAPDA Chairman Raghib Abbas Shah, Economic Affairs Division Additional Secretary Haseeb Athar and Neelum Jhelum Hydro Power Project CEO Muhammad Zubair. “As Pakistan is going through a severe energy crisis and is in dire need of this financial assistance, this agreement has imperative importance,” Bajwa said. Pakistan and SDF are expected to ink the credit agreement in September 2013 in Islamabad.