ISLAMABAD: Federal Minister for Finance Senator Mohammad Ishaq Dar Friday chaired a high level meeting to review financing arrangements for the Neelum Jhelum Hydropower Project (NJHP).
Khawaja Mohammad Asif, Federal Minister for Water and Power was also attended the meeting, said a Finance Ministry press release issued here.
The Finance Minister was briefed about the progress of the project and informed that todate Rs 136 billion had already been spent on the project.
He was also apprised that $ 575 million foreign funding and Rs 100 billion local financing were required to complete future works.
After detailed deliberations, the Finance Minister directed the Secretary Economic Affairs Division (EAD) that possibility of financing from ICBC and Exim Bank of China may be explored.
WAPDA, he said, might arrange financing of Rs 41 billion out of total Rs.100 billion financing to be generated locally while negotiations with Islamic banks might be carried out to seek the financing of remaining Rs 59 billion.
The minister also directed the Ministry of Water and Power and WAPDA to ensure dedicated efforts for meeting the financial requirements in accordance with measures suggested during the meeting.
It may be mentioned that Prime Minister Muhammad Nawaz Sharif in February this year had asked Minister for Finance to resolve financial issues of NJHP and work out requirement of funds for its completion.
