Pakistan Seeks Additional Aid for Hydropower Project

Pakistan is seeking additional financial support for a hydropower project whose estimated cost has risen to $3.7 billion from $2.1 billion due to design changes, among other factors.

Shakil Durrani, the chairman of Pakistan’s Water and Power Development Authority, said the country has approached friendly countries such as China, Kuwait and Saudi Arabia to double their financial assistance for the project.

Pakistan and the Exim Bank of China are close to finalizing the terms of a $450 million loan while the country is under negotiation for a $220 million additional financing from the Islamic Development Bank and $40 million from the Saudi Fund for Development, Durrani said, according to Pakistan Today.

The project has also received $40 million from the Kuwait Fund for Arab Economic Development, $138 million from the IsDB and $40 million from the Saudi Fund.

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About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.