LCCI suggests launching of shares of Bhasha, other dams in stock markets

LAHORE: Lahore Chamber of Commerce & Industry (LCCI) Wednesday suggested the Ministry of Finance to launch shares of Diamir Bhasha and other proposed dams in domestic and international stock markets to generate funds for the mega projects.

LCCI President Abdul Basit and Vice President Muhammad Nasir Hameed Khan, in a statement here, said the country needed over $30 billion for the construction of Diamir Bhasha and other dams, and to make them operational for power generation. The government would have to generate funds from it own resources in the absence of funds from international donors, he added.

Elaborating the point, the LCCI office-bearers said around $14 billion would be required for the construction of Diamir Bhasha Dam other while other expenses would also be occurred besides the cost. Around 150 kilometer area of Karakrum Highway would have to be reconstructed at a cost of $6 to 7 billion.

Around $3 billion more would be required for eraction of transmission line from Diamir Bhasha to the national grid. Hence collectively more than $20 billion would be required for the construction of Bhasha Dam, they added.

They said through launching of shares of Diamir-Bhasha and other dams in domestic and international stock markets, the government could earn billions of dollars as the projects were the most attractive ones for the investors.

They said the Diamir-Bhasha Dam would add billions of dollars to the national economy and investors were always interested in profitable projects.

The LCCI President said that economic growth was dependent on low-cost power generation, therefore, all possible measures should be taken on war footing. Generation of even 50,000 MW electricty through thermal means would not help boost trade, industry and economy as it would not be affordable for businessmen. Power generation through hydel, gas, furnace oil and nuclear resources, which cost Rs. 1.5, Rs. 6.5, Rs. 16.5 and Rs. 5.5 per unit respectively, should be preferred, he added.

He said the Diamir-Basha and other dams would bring back their construction cost within a few years. The construction of new dams were also must to control poverty and hunger, he added.

He said since the capacity of existing dams was to store water was decreasing due to constant silting up, so there was a dire need to build more dams.