Islamabad: Government signed $ 240-million loan agreement with Saudi Fund for Development (SFD) to support Mohmand Multipurpose Dam Project. As per statement released by SFD, Kingdom’s agency that provides development assistance to developing countries, Mohmand Multipurpose Dam Project will enhance water and food security and improve standard of living for people living in Khyber Pakhtunkhwa province.

Project, which is co-financed by SFD, OPEC, Islamic Development Bank and Kuwait Fund for Arab Economic Development aligns with some of United Nations Sustainable Development Goals (SDG). These include food security, clean water and clean energy. Project is expected to have significant impact on Pakistan’s energy and water sectors, read statement.

“By using renewable energy sources, project will generate 800 MW of electricity production capacity, contributing to Pakistan’s energy security,” said SFD. In addition, storage of 1.6 million m3 of water will support sustainable agricultural practices, enable irrigation of 6,773 hectares of new land and increase the total cropping area from 1,517 hectares to 9,227 hectares in province, facilitating agricultural activities.

Agreement was signed by SFD CEO Sultan Abdulrahman Al-Marshad and the Federal Secretary for Ministry of Economic Affairs Dr Kazim Niaz. CEO of SFD emphasised strong developmental ties between KSA and Pakistan.

Published in The Daily National Courier, April, 08 2023

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