Pakistan, Kuwait Fund ink $15mn supplementary loan agreement

ISLAMABAD: Pakistan and the Kuwait Fund have signed Supplementary Loan Agreement of Kuwaiti Dinar 4.5 million (equivalent to US$ 15 million) for financing Golen Gol Hydropower Project.

The State of Kuwait has already been co-financing this Project with an amount of K.D 11.00 million (equivalent to US$ 37 Million). The document was signed by Ghanem Sulaiman Al-Ghenaiman, Deputy Director General, Kuwait Fund for Arab Economic Development (KFAED) and Secretary, Economic Affairs Division, Syed Ghazanfar Abbas Jilani.

The signing ceremony was attended by Fawaz Al-Adasani, Assistant Regional Manager for East, South Asia and Pacific Countries of Kuwait Fund, Fahad Al Mazeel,  Charge d Affairs, Embassy of the State of Kuwait and senior officials from Economic Affairs Division, Ministry of Water Resources and WAPDA.

Secretary, Economic Affairs Division on the occasion said that completion of the Golen Gol Hydroelectric Power Project would offer new opportunities for the people living in Chitral and Khyber Pakhtunkhwa (KP) province.

It will meet electricity demand in the area and also boost tourism and economic activities, he added.