Prime Minister Nawaz Sharif on Wednesday termed the approval of $700 million loan by the World Bank as a historical achievement.
He was talking to Finance Minister Ishaq Dar who called on him in his chamber at the National Assembly and apprised him on the World Bank’s approval for financing the 4500MW Dasu Hydropower project.
The PM said that $600 million will be utilized for Dasu Hydropower Project and $100 million for the Sindh Irrigation project.
Nawaz congratulated Dar and his team for this remarkable achievement and said, “It shows the confidence of the multi-lateral donors and foreign countries in the economy of Pakistan.”
He said the projects would lessen power shortages and help in better utilization of water resources. The finance minister said the World Bank’s loans were “purely concessionary and cheap”.
“The repayment schedule is spread over a period of 25 years, including five years grace period, with low interest and nominal administrative charge of 2 percent per annum. It will also help in the reduction of domestic debt,” he added.