LAHORE – Delegations from Germany, World Bank and State Bank of Pakistan Friday discussed the financing for water and power projects with Wapda chairman Lieutenant General (r) Muzammil Hussain.
A statement issued from Wapda said that German delegation was led by Dr Henning Plate, Head of German Ministry for Cooperation and Development Division for Pakistan and Afghanistan.
The Wapda chairman said that Wapda values the support of international financial institutions and donor agencies – particularly the KfW of Germany – for implementation of the projects in vital sectors of water and hydropower in Pakistan. Highlighting the significance of the foreign funding, he expressed the hope that the cooperation between the KfW and Wapda will further strengthen in the future projects as well.
Dr Henning Plate said that Germany had long standing relationship of mutual cooperation with Pakistan. He said they were considering fast implementation of the Wapda projects. In addition to other issues, scope for four Wapda projects being funded by KfW and institutional arrangement were also discussed in the meeting.
Germany is providing financial support for Keyal Khwar Hydropower Project, Harpo Hydropower Project, Warsak Dam Rehabilitation Project and Glacial Monitoring Project.
In Wapda chairman’s meeting with Dr Demetrios Papathanasiou, World Bank’s Practice Manager for Energy and Extractives South Asia Region, the progress on two mega hydropower projects funded by the bank, 1410 MW-Tarbela 4th Extension and 2160 MW-First Stage of Dasu, were discussed in detail. The perspective for World Bank’s financing for Tarbela 5th Extension Hydropower Project was also dilated upon during the meeting.
A delegation comprising State Bank of Pakistan Deputy Governor Saeed Ahmad, Mezan Bank President Irfan Siddiqui and Al Baraka Bank President Shafqaat Ahmad also called on Wapda chairman. The chairman said that Wapda hydropower projects offer lucrative opportunities due to their high rate of returns for both foreign and local financial institutions. He expressed satisfaction that Wapda carried a very good international credit rating. The possibilities for utilising Islamic mode of financing for Wapda projects were discussed during the meeting.
Wapda has already arranged Rs.100 billion through Sukuk (Islamic Bond) for its 969MW-Neelum Jhelum Hydropower Project, according to the statement.