2,160 megawatts of electricity will be obtained, 1.8 billion dollars will be saved annually, World Bank. Photo: Web
Islamabad: The World Bank will provide a $1 billion loan for the 2,160 MW Dasu Hydropower Project, a mega-project that is crucial for providing affordable electricity to Pakistan.
Government sources say the World Bank’s board of directors will approve the loan in June, while it was earlier said to approve it in the third week of May.
The World Bank plans to provide another $1 billion for reconstruction and development through its International Bank and International Development Association, the third largest financing from the World Bank, according to the World Bank’s plan documents.
The World Bank has already sanctioned $588.4 million for initial works and $700 million for installation of transmission lines.
It should be noted that Pakistan is in dire need of cheap electricity, the electricity generated from imported fuel is very expensive, due to which Pakistan is facing a serious crisis, and domestic consumers including factories, mosques and hospitals etc. has started installing solar system after getting rid of it, which will further increase the burden on the remaining consumers.
According to the new estimate of the World Bank, the cost of the project has increased from 4.3 billion dollars to 4.9 billion dollars with an increase of 13%. The first target to complete the project was set in December 2021. The Dam had prioritized the Dasu hydropower project, and was keen to inaugurate its first phase before 2018, but the project has been stalled, but now the World Bank has set a completion date of 2028. .
The World Bank says that through this project, Pakistan will save 1.8 billion dollars annually in terms of imported fuel, and carbon dioxide emissions will be reduced by 5 million tons.
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