Saudi Arabia to provide a financing of over Rs37bn for Mohmand Hydropower Project
ISLAMABAD – Saudi Arabia will provide a financing of over 37 billion rupees for Mohmand Hydropower Project.
This was announced by Ambassador of Saudi Arabia in Pakistan Nawaf bin Said Al-Maliki who called on Minister for Economic Affairs Omar Ayub Khan in Islamabad.
During the meeting, the Saudi Ambassador informed that Saudi Fund for Development has approved this financing at highly concessional terms with two percent interest rate and 25-years repayment period.
Speaking on the occasion, Minister for Economic Affairs said that Mohmand Hydropower Project will not only help unleash hydropower potential of the Khyber Pakhtunkhwa but also improve energy security by increasing share of hydel power in the country’s energy mix.