ADB provides $300mn for Balakot hydropower project

ADB Balakot

KARACHI: The Asian Development Bank (ADB) on Tuesday provided Rs300mn to Pakistan for the development of the Balakot hydropower project.

According to the details, the government will contribute $175mn to the project while it seeks $280mn under co-financing from the Asian Infrastructure Investment Bank (AIIB).

The hydropower projects is going to be developed on the Kunhar River and will add 1,143gigawatt-hours of clean energy to the national grid. The plant is going to be developed by 2027.

Moreover, it is anticipated that the hydropower project will create 1200 employment opportunities and 40pc of these job opportunities will be allocated for the locals.

Speaking on the occasion, ADB Principal Energy Specialist Adnan Tareen was of the view that the project will utilise the hydro resources of the country and will generate energy through sustainable and environment-friendly means.

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