Saudi offers $101mln for clean energy in Pakistan

ISLAMABAD: The Saudi Fund for Development has offered 101 million dollars for a hydropower project in Azad Jammu and Kashmir which will add 70 megawatts of electricity to the national grid, ARY News reported.

Under the Clean and Green Energy mission of Special Investment Facilitation Council, efforts are underway to promote eco-friendly energy production through hydro and solar power.

A GW3 solar panel plant has been installed in Karachi by a US company, which will not only help in manufacturing of solar panels and electric vehicles.

The World Bank has also approved a 150 million-dollar project of clean energy in Pakistan.

These projects under SIFC are increasing production capacity of the country, helping it overcome its energy crisis.

READ: Govt forms SIFC cabinet committee to boost investment

It is pertinent to mention here that the federal government constituted Cabinet Committee on Special Investment Facilitation Council (SIFC) to ensure implementation of recommendations within the contours of SIFC.

As per the notification, the committee will submit decisions to the federal cabinet for approval.

Prime Minister Shehbaz Sharif will be chairman of the committee while the army chief, chief ministers and national coordinator will attend the committee meetings on special invitation.