ISLAMABAD: The OPEC Fund for International Development (OPEC Fund) and the government of Pakistan on Wednesday signed a loan agreement amounting to $72 million for financing the Mohmand Dam Hydropower Project.
The agreement was signed by Pakistan’s Ambassador in Vienna Aftab Ahmad Khokher and Director General, OPEC Fund for International Development (OPEC Fund) Dr. Abdulhamid Alkhalifa on June 15 at Vienna, and has been declared effective as of July 27.
According to the details, the hydropower project, which is being constructed on Swat River in Mohmand district of Khyber Pakhtunkhwa, will not only generate 2,862 GWh of cheap and clean energy annually but also enhance Pakistan’s Water Storage Capacity by 1,293 million acre feet (MAF) and food security buffer, providing 13.32 cubic clean drinking water for the residents of Peshawar as well as creating more than 6,000 new employment opportunities in the region.
The project is being co-financed by Saudi Fund for Development (SFD), Kuwait Fund for Development (KFD), Islamic Development Bank (lsDB) and OPEC Fund for International Development (OPEC Fund) and will be completed by 2025.
