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Pakistan inks agreement with Islamic Development Bank

Pakistan inks agreement with Islamic Development Bank ANI 06 Jul 2021, 07:18 GMT+10 Islamabad [Pakistan], July 6 (ANI): A debt-ridden Pakistan has signed an agreement with Saudi Arabia-based Islamic Development Bank (IDB) to borrow USD 4.5 billion to alleviate oil and gas shortages that are crippling the economy and people s livelihoods through power cuts and fuel disruptions. The loan, issued by IDB, will be used to pay for crude oil, refined petroleum products, liquefied natural gas (LNG) and industrial chemical urea over the next three years, Asia Times reported. The agreement was reached with the International Islamic Trade Finance Corporation (ITFC), the trading arm of the Jeddah-based IDB.

WAPDA generated 37bln units of hydropower in FY20-21

July 6, 2021 LAHORE: The hydel power stations of Pakistan Water and Power Development Authority (WAPDA) cumulatively generated 37.147 billion units of low-cost and environment-friendly electricity during fiscal year 2020-21, ending June 30. Hydropower generation by WAPDA was almost equal to that of fiscal year 2019-20 and 3.08 billion units more if compared with the average annual generation during the last 10 years. According to WAPDA data, Tarbela Hydel Power Station generated 12.61 billion units, Tarbela 4th Extension 3.42 billion units, Ghazi Barotha 6.89 billion units, Mangla 5.40 billion units, and Neelum-Jhelum Hydel Power Station generated 4.79 billion units during FY2021/21. Data showed that the rest of the generation ie 4.03 billion units - was contributed by other hydropower stations of WAPDA. Hydropower is the cheapest electricity produced in the country. That is why, it plays a pivotal role in economic and social development, as it stabilises the overall power tarif

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