Dar rejects privatisation of Neelum-Jhelum project

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ISLAMABAD:

Finance Minister Ishaq Dar rejected proposals for privatisation of the Neelum-Jhelum hydro project on Monday, according to sources.

Informed sources claimed that the 969 MW strategic project had risen to Rs418 billion from Rs274 billion approved at the end of the PPP government.

A revised PC-1 finalised with fresh cost estimates is awaiting clearance by the Central Development Working Party and the Executive Committee of National Economic Council.

Dar added that arrangements had been finalised with the National Bank of Pakistan to lead a syndicate of banks for around Rs100 billion Islamic Sukuk bonds to meet the local financing component with sovereign guarantee of the federal government.

They said the authorities were also in contact with China Exim Bank for a $576 million loan to meet the foreign exchange component.

The loan is now in approval stage.