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ISLAMABAD: Saudi Arabia has approved a funding of 901 million Saudi riyal for the construction of Mohmand Hydropower Dam, says the Economic Affairs Ministry. According to an official statement issued by the ministry, Saudi Arabia Ambassador to Pakistan Nawaf Bin Said Al-Maliki met the Federal Minister for Economic Affairs, Omar Ayub Khan Wednesday.

The Saudi ambassador briefed the minister for economic affairs on the recent successful visit of Prime Minister Imran Khan to Saudi Arabia.

According to the ministry, the Saudi envoy shared 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 of the expeditious utilisation of funds, so that the construction of the project could be completed.

The government is currently focused on improving renewable energy sources for the generation of power in the country, said the minister.

Copyright Business Recorder, 2021