The Asian Development Bank (ADB) has signed an agreement with the government of Pakistan to issue $300 million loan. The capital is solely dedicated to finance the construction of a 300-megawatt hydropower plant in Balakot, Khyber-Pakhtunkhwa. The agreement was signed by ADB Acting Country Director, Cleo Kawawaki, and Ministry of Economic Affairs Division Secretary Noor Ahmed. The meanginful cermoney was witnessed by Minister for Economic Affairs Omar Ayub Khan, Chief Minister Khyber-Pakhtunkhwa Mahmood Khan, and ADB Director General for Central and West Asia Yevgeniy Zhukov/. Total cost of this project is $755 million out of which the ADB has committed to provide $300 million, while AIIB will provide $280 million. The executing head department will be the Energy and Power Department, Government of Khyber-Pakhtunkhwa. The implementation of the executed work will be done byPakhtunkhwa Energy Department Organisation (PEDO). Balakot Hydropower Project will not only help unleash hydropower potential of the country but also improve energy security by increasing clean and affordable energy share. As the goverment s committed to work more on renewable energy policy, wind and hydel resources and have good opportunities for investments geostrategically.
