Wapda to raise funds for Basha Dam

Lahore: Shakeel Durrani, Chairman Water and Power Development Authority (Wapda) said a meeting on strategy relating to fund raising for Basha Dam is taking place at Bhurban on November 16 & 17, 2008.

Talking to media at Wapda House, Chairman said a total of $12.6 billion is required for development of Basha Dam, out of which the government would generate $1.75 billion local commercial banks to settle down issues relating to land settlement and rest of the amount would be arranged foreign lenders in next eight years.

'We have good offers with us in this respect,' he said, adding: 'Pakistan required $2 billion for Neelum-Jhelum hydel project and got it immediately.' Chairman Wapda further said Rate of Return on Basha Dam is 18 percent and it would cover spending cost within five years therefore the international lenders are showing extraordinary interest in this project.

He said approval of Rs 17 billion for widening up of Karakhorum Highway by the Executive Committee of the National Economic Council (ECNEC) two days earlier would expedite work on bends and curves in next 12 months besides widening the highway Thakot to Sazine.

Earlier, Syed Ghulam Mustafa Shah, chairman National Assembly's committee on Water and Power said the government has already spend heavy amount on groundbreaking of Basha Dam. He further said the Basha Dam would provide more electricity and besides excessive capacity to store water. According to him, the government has allocated hefty amount to deal with infrastructure bottlenecks.