ISLAMABAD: Federal Finance Minister Ishaq Dar, while presiding over a high-level meeting, has directed the Economic Affairs Division (EAD) to seek $575 million foreign financing for the Neelum Jhelum hydropower project (NJHP).
Federal Minister for Water and Power Khawaja Mohammad Asif was also present in the meeting. The finance minister was briefed on the progress of the project and was informed that to-date Rs136 billion had already been spent on the project. For future works to be completed, foreign funding worth $575 million and local financing of Rs100 billion was required.
Dar also directed the EAD secretary that possibility of financing from ICBC and Exim Bank of China may be explored. Wapda may arrange financing of Rs41 billion out of the total Rs100 billion financing to be generated locally and negotiations with Islamic Banks may be carried out to seek financing of remaining Rs59 billion.
The minister 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.
