The International Financing Institutions (IFIs) have not made any commitment towards financing of Rs 12.979 billion project recently approved by the ECNEC for evacuation of power from 1320MW imported coal-based power plant at Bin Qasim near Karachi. Sources said that the Finance Minister Ishaq Dar was informed during the Executive Committee of National Economic Council (ECNEC) meeting that there was no commitment from the IFIs for financing the proposed project.
However, the project was approved by the ECNEC after assurance by Ministry of Water and Power that once it is approved, it would be in a better position to approach the IFIs for financing. The project proposed by the Planning Commission with an estimated at Rs 12.979 billion, including a Foreign Exchange Component of Rs 7 billion, was subsequently approved by the ECNEC. The proposed project is to be financed by the IFIs and would be implemented in four years for evacuation of 1320MW power from Power Plant at Bin Qasim to upcountry load centres by construction of a 500 KV transmission line.
The ECNEC was informed that keeping in view the present load shedding position and increasing trend of the power demand in near future, immediate requirement has been established to enhance the capacity of the power generation; and accordingly, strengthening of transmission network of NTDC to cope with this growth and demand, additional capacity would be required annually. The meeting was further informed that the country has been facing energy crises since last few years with demand higher than supply and consequently higher loadshedding.
As the government is struggling to resolve the ongoing energy crises, the proposed project will help reduce the power shortage in the country. The other on-going projects which include a transmission scheme for dispersal of power from Neelum-Jhelum, Karot and Azad Pattan hydel power projects, evacuation of power from 1000MW Ouaid-e-Azam Solar Park at Lal Suhanra, 500KV transmission system for dispersal of power from Thar Coal Project, 500 KV 3rd circuit Jamshoro-Moro-Rahimyar Khan transmission line and allied grid station extension (Sindh). The project was recommended to ECNEC for approval by Central Development Working Party''s meeting chaired by Minister for Planning and Development Ahsan Iqbal after approval.