Saudi Fund for Development to Finance Hydropower Projects in Azad Jammu and Kashmir
In a major development, the Saudi Fund for Development (SFD) has inked agreements to support two hydropower projects in Azad Jammu and Kashmir, as reported by Pakistani state media on Sunday.
Boosting National Grid with 70 Megawatts
The agreements were signed by an SFD delegation, spearheaded by CEO Sultan bin Abdulrahman Al-Marshad, during their visit to Azad Kashmir. The projects, known as Shounter and Jagran-4, are anticipated to contribute 70 megawatts to the national grid through hydropower generation.
Project Details
According to the state-run Radio Pakistan, the Shounter hydropower project will produce 48 megawatts of electricity with a budget of $66 million. On the other hand, the Jagran-4 project, with a cost of $41 million, is set to generate 22 MW of electricity.
Key Role of Special Investment Facilitation Council
The Special Investment Facilitation Council of Pakistan, established to attract foreign direct investment, played a crucial role in facilitating these agreements.
Collaboration and Future Projects
Pakistani and SFD officials have engaged in discussions to collaborate on various projects in energy, health, education, and infrastructure sectors. Dr. Kazim Niaz, Pakistan’s economic affairs division secretary, highlighted the existing framework agreement with SFD and the potential for future cooperation.
Looking Ahead
Details of the upcoming projects in energy, health, education, and infrastructure sectors will be shared post Saudi feedback on the list of initiatives proposed by Islamabad for investment and cooperation.