Dams construction- Pakistan seeks funding of $2 billion from AIIB & Swiss bank

ISLAMABAD: Pakistan is in dire need of around $2 billion funding from Asian Infrastructure Investment Bank (AIIB) and Swiss bank for the construction of Diamer-Bhasha and Mohmand dams.

It is also reported, that government is tend to impose a particular charge on electricity utilization in order to contribute in the funding of Diamer-Bhasha and Mohmand dams.

Supreme Court held the second meeting of Implementation Committee of the Diamer-Bhasha and Mohmand Dams (ICBMD) on Friday.

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It is stated by the Lt Gen Muzammil Hussain, Chairman of Water and Power Development Authority (Wapda) that public has contributed about Rs260 million in the fund-raising account for dams construction, which is an overwhelming response as Pakistan is facing severe water shortage and storage issues, and all efforts shall be imposed in order to create water reservoirs so that Pakistan can become a better place to live in.

He further stated that, An economical expense structure is also presented to the Chief Justice of Pakistan (CJP), according to which about $1.5 billion to $2 billion are required from peripheral sources.

Mr Hussain told that, establishments are in touch with AIIB and Swiss Bank so that required amount can be received.

On the other hand, Wapda chairman suggested that the sub-committee taking care for financing of dams shall actively look in the matter of ostensible surcharge on electricity consumption, so that the project remains deficit free as of Neelum-Jhelum venture.