Saudi Arabia indicators $240m mortgage settlement to assist Mohmand Dam – Enterprise
Saudi Arabia signed a $240 million mortgage settlement with Pakistan on Friday to assist the Mohmand Multipurpose Dam Venture, in line with an announcement issued by the Ministry of Financial Affairs.
The settlement was signed by Sultan Abdulrahman Al-Marshad, CEO, Saudi Fund for improvement (SFD) and Kazim Niaz, Federal Secretary for Ministry of Financial Affairs. Saudi Ambassador to Pakistan Nawaf bin Stated Al-Malki was additionally current on the event.
The assertion stated this mortgage represents a powerful partnership between Saudi Arabia and Pakistan in selling sustainable improvement and reaching the sustainable improvement objectives (SDGs).
Mohmand Multipurpose Dam Venture is a significant hydropower complicated that may contribute to Pakistan’s power safety, improve sustainable water provide for agriculture and human consumption, and enhance resilience to floods.
The assertion famous that the venture is anticipated to reinforce water and meals safety, and enhance the usual of dwelling for individuals in Khyber Pakhtunkhwa, the place virtually 80 per cent of the inhabitants resides in rural areas, boosting the area’s socioeconomic improvement by creating employment alternatives and lowering poverty ranges.
It added that by utilizing renewable power sources, the venture will generate 800 MW of electrical energy manufacturing capability, contributing to Pakistan’s power safety. As well as, the storage of 1.6 million cubic meters of water will assist sustainable agricultural practices, allow irrigation of 6,773 hectares of recent land, and improve the whole cropping space from 1,517 hectares to 9,227 hectares within the province, facilitating agricultural actions.
Co-financed by the SFD, OPEC, Islamic Improvement Financial institution, and the Kuwait Fund for Arab Financial Improvement, the venture aligns with SDG-2 (Meals Safety), SDG-6 (Clear Water), and SDG-7 (Clear Vitality) and embodies SDG-17 (Partnerships for the Objectives).
Throughout the settlement signing ceremony, the CEO of SFD stated this initiative is an extension of the fund’s continued assist for improvement initiatives and programmes in Pakistan since its inception. He additionally highlighted the importance of joint cooperation between improvement funds, as evidenced by this venture.
For his half, Dr Niaz expressed his honest appreciation and gratitude to the Kingdom of Saudi Arabia for its unwavering assist in the direction of the event sector in Pakistan by way of the SFD.