LAHORE: Business Development Mission of Asian Infrastructure Investment Bank (AIIB), headed by its Director General (Investments) Supee Teravaninthorn, called on Chairman WAPDA Lt Gen Sajjad Ghani (retd) at WAPDA House on Tuesday. The matters relating to financing of WAPDA projects were discussed during the meeting.

Speaking on the occasion, the Chairman thanked AIIB for the financial support it is providing for under-construction 1530 MW-Tarbela 5th Extension Hydropower Project.

Dilating upon significance of hydel electricity, Chairman WAPDA said our emphasis is on producing green energy. We intend to replace 9000 MW electricity being generated on costly fossil fuel with clean and low-cost hydel energy.

Diamer Basha Dam is planned to generate 4500 MW. Hence, it alone will drastically cut the electricity generation through fossil fuel in Pakistan. AIIB can help WAPDA for the purpose and participate in power generation component of Diamer Basha Dam Project, he added.

The Chairman WAPDA further said flood is a recurring phenomenon in Pakistan. It is essentially needed to construct three mega water reservoirs in the country to mitigate floods and avoid further losses. AIIB can also help Pakistan in construction of dams.

AIIB Development Mission showed keen interest in financing WAPDA projects. The DG (Investments) said AIIB and WAPDA will remain closely associated and look into the possibilities of financial assistance for WAPDA projects. Earlier, Member (Finance) WAPDA briefed the Mission about investment prospects in under-construction as well as future projects of WAPDA.

Meanwhile, AFD Energy Mission also had a meeting with Chairman WAPDA to finalize the loan agreement for Keyal Khwar Hydropower Project. The issues related to Warsak Project were also discussed in the meeting.

Copyright Business Recorder, 2022