Pakistan and Germany have signed a financing agreement for Hydropower and Renewable Energy Phase-II worth Rs. 2,145.29 million.
Dr. Syed Pervaiz Abbas, Secretary Economic Affairs Division and Wolfgang Moellers Country Director German Development Bank (KfW) signed the agreement. Muhammad Hammad Azhar, Federal Minister for Economic Affairs, witnessed the signing of the agreement.
As part of the agreement KfW will provide assistance worth €12.5 million to the government of Gilgit-Baltistan and the Agha Khan Rural Support program. The project has two components i.e the hydropower component that will be implemented by the water & power department of the government of Gilgit-Baltistan and, the biodiversity component which will be implemented by the Agha Khan Rural Support Program.
The implementation of HRE-II in Gilgit-Baltistan will provide electricity for the population of Hunza and Nagar through the utilization of its abundant water resources.
Wolfgang Moellers, Country Director KfW said that soon the population of Gilgit-Baltistan will have access to green and sustainable energy, which will contribute towards the socio-economic uplift of the masses
Muhammad Hammad Azhar thanked the German government for the grant assistance which will be helpful in addressing the increasing energy needs of the region while employing environment-friendly solutions.
