WB makes loan arrangements for Tarbela Dam 5th extension hydropower project

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APP107-04 ISLAMABAD: January 04 - Finance Minister Senator Mohammad Ishaq Dar meeting with Country Director World Bank Patchmuthu Illangovan. APP

ISLAMABAD, Jan 4 (APP): Country Director World Bank (WB) Patchamuthu Illangovan Wednesday informed Finance Minister Senator Mohammad Ishaq Dar that loans have been arranged for the Tarbela Dam 5th Extension Hydropower Project.
The arrangements have been made from the International Bank for Reconstruction and Development (IBRD) and the Asian Infrastructure Investment Bank (AIIB), he said during a meeting regarding the Tarbela
Dam 5th Extension Hydropower Project. The meeting was chaired by the Finance Minister.
Illangovan said that IBRD would lend US$ 390 million and AIIB US$ 300 million for the project.
He said two work contracts worth $ 2 billion for the Dasu Hydropower Project were also ready for signing.
He elaborated that both the contracts had been awarded to the lowest evaluated bidder.
The Finance Minister appreciated the support of the World Bank, IBRD and AIIB in arranging the loans for the Tarbela Dam 5th Extension Hydropower Project.
He said energy reforms were one of the foremost priorities of the present government.
He emphasized that the government was actively working towards elimination of load-shedding, ensuring energy self-sufficiency for the country, and provision of cheap energy at affordable rates to the people of Pakistan.
He said that the Tarbela Dam was an important and historic dam for Pakistan, and its successful extension, with the help of the financing
made available by IBRD and AIIB, would go a long way in achieving the government’s goals for the energy sector of the country.
The meeting was attended by the Auditor General for Pakistan and senior officials of the Ministry of Finance, Ministry of Water & Power and the World Bank.