Saudi Arabia approves 901mn Saudi riyal funding for Mohmand dam construction

ISLAMABAD: Saudi Arabia has approved a funding of 901 million Saudi Riyal for the construction of Mohmand Hydropower Dam, ARY NEWS reported quoting Kingdom’s Ambassador to Pakistan Nawaf Bin Said Al-Maliki on Wednesday.

The Saudi envoy shared this while meeting with the Federal Minister for Economic Affairs Omar Ayub besides also discussing the success of Prime Minister Imran Khan.

He said that funding of 901 million Saudi Riyal was approved for the construction of Mohmand Dam from the Saudi Development Fund. “The funding is for 25 years and an interest rate of two percent will be charged on it,” said the envoy of Saudi Arabia.

Omar Ayub assured the Saudi envoy Nawaf Bin Said Al-Maliki of the early utilization of funds so that the construction of the project could be expedited. “The government is currently focused on improving renewable energy sources for the generation of power in the country,” he said.

On May 19, Prime Minister Imran Khan performed the groundbreaking of the Mohmand Dam construction site where he said the previous governments instead of building dams for affordable electricity generations, signed exorbitant agreements to make money off the top.

With these expensive agreements we are bound by, the PM said while talking to media persons there, we have to pay them off whether or not we buy electricity from them due to which our capacity payments will jump to Rs1,455 billion by the year 2023.

However, PM Khan said his government is concerned about the future of the nation and not the win in the next elections alone for which they have put 10 projects underway for cheaper electricity that will complete by 2028.