KSA to invest $322m in five hydropower projects of Pakistan

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hydropower projects of Pakistan

ISLAMABAD: Apart from making investments in the oil and mineral sector, Saudi Arabia will also make an investment of SR1.207 billion ($322 million) in five hydropower projects of Pakistan during the upcoming visit of the Saudi crown prince, it was learnt on Wednesday.

According to sources, Pakistan and Saudi Arabia will sign a memorandum of understanding (MoU) in this regard during the upcoming visit of Saudi Crown Prince Mohammad bin Salman, who is scheduled to land in Islamabad on Saturday.

Sources said that the Federal Cabinet would today (Thursday) approve the signing of $322 million financial agreement between Pakistan and Saudi Development Fund (SDF) on a summary submitted by the Economic Affairs Division.

The SDF would provide SR131.25 million financing for Jagran Hydropower Project-IV, SR153.75 million for Jamshoro Power Generation Project, SR247.5 million for Shounter Hydropower Project, SR375 million for Diamer-Bhasha Dam Project and SR300 million in Mohmand Dam Hydropower Project.