Pakistan to receive $100m funds from Saudi for Neelam Jhelum hydro project

Pakistan government is set to receive funds of about $100m from the Saudi Development Fund (SDF) to finance the development of Neelum Jhelum hydropower project in the country.

Confirming the investment, Pakistani Commercial Attaché Waseem Hayat Bajwa told Saudi Gazette that a delegation from the country has met officials from SDF and outlined draft of the $100 million loan agreement for the Neelum Jhelum Power Project.

The delegation comprised WAPDA chairman Raghib Abbas Shah, Additional Secretary Economic Affairs Division Haseeb Athar and Neelum Jhelum Hydro Power Project Lt General (Rtd) Muhammad Zubair CEO.

“This agreement has a vital importance, as Pakistan is going through a severe energy crisis and is in dire need of this financial assistance.”

Pakistan and SDF are expected to ink the credit agreement in September 2013 in Islamabad, Pakistan.