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German Financial Institution Chief calls on Chairman WAPDA

Altaf Hamid Rao;

MIRPUR (AJK): A 4-member delegation of KfW – a German Financial Institution – headed by its recently appointed Division Chief (Infrastructure and Finance) for Pakistan Ms. Veronica Garcia called on Pakistan Water and Power Development Authority (WAPDA) Chairman Lieutenant General Muzammil Hussain (Retired) at WAPDA House on Thursday and discussed matters relating to financing of WAPDA projects in water and hydropower sectors in the country, it was officially declared.

Speaking on the occasion, the Chairman said that WAPDA holds a strong asset base, therefore, enjoys the trust of national and international financial institutions for arrangement of funds for its projects. During the year 2016 and 2017 alone, WAPDA successfully arranged Rs.100 billion from a consortium of the local banks for completing Neelum Jhelum Hydropower Project, while for Stage-I of Dasu Hydropower Project, financing was also secured to the tune of an unprecedented sum of Rs.144 billion from another consortium of the local banks. In addition, WAPDA also managed the funds of $ 350 million by venturing into the international financial market on its own independent standing. The Chairman said that the innovative financial strategy adopted by WAPDA, has been yielding good results for development of hydropower potential in Pakistan.

The Chairman apprised the delegation that WAPDA is committed to initiating construction work within a year on two of its mega multi-purpose projects namely Mohmand and Diamer Basha dams. Both projects will significantly add to the water storage and power generation capacities in the country. Similar to other hydro projects, Mohmand and Diamer Basha dams, too, provide excellent investment opportunities to local and international institutions.

The KfW can also make benefit of the opportunities to invest in WAPDA projects, he added. In addition to Diamer Basha and Mohmand dams, the Chairman also briefed the delegation about the upcoming WAPDA projects including Bunji Hydropower Project, Lower Palas Valley Hydropower Project, Bara Dam and Kurram Tangi Dam etc.

Later, KfW Division Chief thanked the Chairman for arranging the briefing about WAPDA projects, adding that KfW and WAPDA have been closely associated with each other for development of water and hydropower sectors for more than three decades. She said that KfW would look into possibility of funding upcoming WAPDA projects.

The progress on KfW-funded WAPDA projects was also reviewed during the meeting. These projects included Harpo Hydropower Project, Keyal Khwar Hydropower Project, Warsak 2nd Rehabilitation Project and Pakistan Glacier Monitoring Network.

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