157bn more demanded for Neelum-Jehlum Hydro Power Project

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ISLAMABAD:  – Water and Power Ministry has demanded 157 billion rupees more from the Finance Ministry in order to complete Neelum-Jehlum Hydro Power Project within time. Finance Minister Ishaq Dar has directed the Economic Affairs Division to get USD 570 million from China and generate 1 billion rupees from local resources.

A meeting chaired by Ishaq Dar in Islamabad over funding and timely completion of Neelum-Jehlum Hydro Power Project, was also attended by Federal Minister for Water and Power Khawaja Muhammad Asif and Chairman Wapda Zafar Mehmood. Finance Minister was told in the meeting that a total of 136 billion rupees have been spent on the project during the last six years and upon completion, it will add 969 mega watts to the national grid.

Ishaq Dar directed Secretary Economic Affairs to contact China’s EXIM Bank of Industrial and Commercial Bank to get 570 million US dollars. He also directed him to generate 41 billion rupees from government resources and 59 billion rupees from Islamic banks.

Finance Minister assured the Water and Power Ministry of the provision of funds and said that all funds will be strictly scrutinized before being released.

Dar also directed to send the reviewed PC-1 of the project to CDWP and ECNEC.

2015-05-16

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