Finance Minister Ishaq Dar on Wednesday chaired a meeting regarding the Tarbela Dam 5th Extension Hydropower Project. Country Director World Bank Patchamuthu Illangovan informed the Finance Minister that loans from the International Bank for Reconstruction and Development (IBRD) and the Asian Infrastructure Investment Bank (AIIB) have been arranged for the Tarbela Dam 5th Extension Hydropower Project.

He informed that IBRD will lend US $390 million while AIIB will lend US $300 million for the project. He also informed that two works contracts worth US $2 billion for the Dasu Hydropower Project are also ready for signing. He elaborated that both contracts have been awarded to the lowest evaluated bidder.

Finance Minister appreciated the support of the World Bank, IBRD and AIIB in arranging the loans for the Tarbela Dam 5th Extension Hydropower Project. He said energy reforms are one of the foremost priorities of the present government. He emphasised that the government is actively working towards elimination of loadshedding, ensuring energy self-sufficiency for the country, and provision of cheap energy at affordable rates to the people of Pakistan.

He said Tarbela Dam is an important and historic dam for Pakistan, and its successful extension, with the help of the financing made available by IBRD and AIIB, will go a long way in achieving the government's goals for the energy sector of the country. The meeting was attended by the Auditor General for Pakistan and senior officials of the Ministry of Finance, Ministry of Water & Power and the World Bank.-PR

Copyright Business Recorder, 2017