WB signs financial agreements worth $1.15b for hydro power plants in Pakistan

ISLAMABAD: The World Bank delegation in the presence of Prime Minister Imran Khan has signed on Thursday two new power projects to be built in Pakistan of worth US$1.15 billion, ARY News reported.

The hydropower projects planned to be installed in Khyber Pakhtunkhwa province will be financed by World Bank on easy conditions, the notification of the ceremony read.

Prime Minister Imran Khan was accompanied by Federal Minister of Economic Affairs Khusro Bakhtyar and Federal Minister for Energy Omar Ayub Khan in the agreement-signing ceremony earlier today.

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Chief Minister KP Mahmood Khan and his Advisor on energy and power Himayat Ullah Khan were present in the ceremony as well.

The financing of $1150 million from World Bank, on account of concessional loans, for the two power projects, said the notification following the ceremony today, will be spent on installing hydropower projects in Khyber Pakhtunkhwa province.