ISLAMABAD: In yet another significant development, the Water and Power Development Authority (WAPDA) has secured a sum of Rs 144 billion for the Dasu Hydropower project by signing an agreement of local debt financing with a consortium of major local banks, led by the Habib Bank Limited (HBL).
It may be mentioned here that this is by far the biggest single loan agreement for any public sector entity in the country’s history.
The agreement signing ceremony was held at the WAPDA House on Wednesday. WAPDA Chairman Lt Gen (retired) Muzammil Hussain, HBL President Nauman Dar, National Bank (NBP) President Saeed Ahmed Khan and representatives of other banks in the consortium signed the agreement on behalf of their organisations.
Speaking on the occasion, the WAPDA chairman said that today was a historical day vis-à-vis arrangement of funds for development of hydropower resources in Pakistan. He expressed gratitude to the prime minister, water and power minister and finance minister for their support for arrangement of finances for the Dasu Hydropower project. Muzammil further said that today’s agreement reflected the confidence of financial institutions in the financial strength of the WAPDA.
