KFAED lends Pakistan US$15m to finance power project

KUWAIT, Kuwait Fund for Arab Economic Development (KFAED) signed Wednesday a KD 4.5-million (USD 15 million) loan agreement with Pakistan to finance the Golan Gul hydroelectric project.

The Project aims at meeting the electric power demand in the North West Frontier Province by developing Golen Gol Hydroelectric Power Project.

The Project is located on the Golen Gol River, a tributary of Mastuj River, at about 25 Km from Chitral city and it includes the manufacture, supply, installation and commissioning of three Hydel generating units with total capacity of about 106 MW and their auxiliary equipment., said KFAED in a statement.

”The project also includes the manufacture, supply, installation/ construction and commissioning of a 132 kV transmission line to connect the power plant to the national grid,” reported Kuwait News Agency,KUNA, according to KFAED statement.

It pointed out that the implementation of the project began at the end of 2008 and is expected to be completed by the end of this year.

The loan is the 18th of its kind provided by the Fund to Pakistan, which has already provided 17 loans totaling KD 125.3 million (about USD 417 million) to finance projects from various sectors.

Source: Emirates News Agency