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KP ratifies 300MW Balakot hydropower project with ADB s support

May 25, 2021 PESHAWAR: The Khyber Pakhtunkhwa (KP) government has signed Tuesday the Balakot Hydropower Development Project in collaboration with the Asian Development Bank (ADB) that would cost about US $750 million and complete in six years for the generation of 300 Megawatt power, ARY News reported. The project, once completed, is set to rake in Rs14 billion annually for the provincial kitty، said a source inside the KP government department overseeing the agreement. Of the total cost the hydropower project is set to incur, US $580 million will be borrowed by ADB while the rest US$170 million will be taken care of by KP government itself, the source confimed.

Financing agreement for Balakot Hydropower Project signed

Financing agreement for Balakot Hydropower Project signed - ISLAMABAD, Pakistan: The Federal Minister for Economic Affairs Omar Ayub Khan and the Khyber Pakhtunkhwa Chief Minister Mahmood Khan on Friday witnessed the signing of the financing agreement of the Balakot Hydropower Development Project amounting to US$ 300 million. The loan agreement was signed by the Secretary at the Economic Affairs Division (EAD) Noor Ahmed and the Acting Country Director of the Asian Development Bank (ADB) Cleo Kawawaki in Islamabad. The total cost of this project is US$ 755 million out of which the ADB has committed to provide US$ 300 million while the Asian Infrastructure Investment Bank (AIIB) will provide US$ 280 million.

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