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Saudi fund to invest $101m in Pakistan’s green projects

SFD CEO Sultan Abdulrahman Al-Marshad and Pakistan's ministry of economic affairs secretary Dr Kazim Niaz at the agreement signing ceremony SPA
SFD CEO Sultan Abdulrahman Al-Marshad and Pakistan's ministry of economic affairs secretary Dr Kazim Niaz at the agreement signing ceremony

The Saudi Fund for Development (SFD) will provide $101 million in soft loans to support Pakistan’s green energy projects.

The first agreement is for an investment of $66 million to construct the 48 megawatts (MW) Shounter Hydropower station, which will be connected to Pakistan’s national electricity grid, the state-run Saudi Press Agency reported.

The project involves dam construction, water diversion, purification structures, excavation of the main water transport tunnel, powerhouse and discharge tunnel construction and transmission line supply.

The second loan agreement of $35 million will help establish the Jagran-IV Hydropower project, which has a capacity of 22 MW.

The project entails the construction of a dam, powerhouse, water diversion, and purification building, as well as providing generators, transformers, necessary equipment and transmission lines.

Since 1976, the SFD has supported 41 development projects and programmes in Pakistan through soft loans and grants worth more than $1.4 billion.

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