Karachi: World Bank has approved $ 1 billion in additional financing for Dasu Hydropower Project (DHP) in Khyber Pakhtunkhwa’s Upper Kohistan district, it emerged.“World Bank’s Board of Executive Directors today approved $ 1 billion in second round of additional financing for Dasu Hydropower Stage I (DHP I) Project,” global bank said in press release issued late last night.

“This financing will support expansion of hydropower electricity supply, improve access to socio-economic services for local communities and build Water and Power Development Authority’s capacity to prepare future hydropower projects,” it highlighted.“Pakistan’s energy sector suffers from multiple challenges to achieving affordable, reliable and sustainable energy,” statement quoted World Bank Country Director for Pakistan Najy Benhassine as saying.Terming Dasu project site as “One of best hydropower sites in world and game changer for Pakistan energy sector”, Benhassine asserted that “With very small footprint, DHP will contribute to ‘greening’ energy sector and lowering cost of electricity”.Meanwhile, Rikard Liden, task team leader for project, stressed that DHP-I was an “Essential project in Pakistan’s efforts to reverse its dependence on fossil fuels and reach 60 percent renewable energy by 2031”.“Second additional financing will facilitate the expansion of electricity supply and potentially save Pakistan an estimated $ 1.8 billion annually by replacing imported fuels and offset around 5 million tonnes of carbon dioxide,” statement quoted Liden as saying.