IDB intends to fund $458-mn for Neelum-Jhelum project

Lahore: The technical mission of the Islamic Development Bank (IDB) would recommend to its Board and other Middle East donors to provide a funding amounting to $458 million approximately for 969-MW Neelum-Jhelum Hydroelectric Project. This was disclosed by the IDB Country Director, Farrukh Mahmood, during a wrap up meeting held here on Wednesday at Wapda House.

The four-member IDB technical mission is visiting Pakistan for finalising the technical and financial details and various financing options, including the extent and mechanism for Neelum-Jhelum Hydroelectric Project. The meeting was attended by the Wapda member (Water), Syed Raghib Abbas Shah and Wapda Secretary, Advisor to the Authority on Diamer-Basha Dam Project and other officials were also present on the occasion.

Dilating upon the current status of Diamer-Basha Dam Project, the Syed Raghib said the evaluation for pre-qualification of contractors for lot 1, 2 and 3 is under process and would be completed in March 2009. Consequent upon the approval of PC-I amounting to Rs 60 billion for resettlement by ECNEC in November last, the land acquisition for construction of the project has already been started, he added.