Pakistan to receive SR375m SIDF loan for power project

(MENAFN- Arab News) The Saudi government approved a $100 million (SR375 million) loan draft on Sunday for the prompt completion of work on the 969-megawatt Neelum-Jhelum Hydro Power Project in Pakistan. The approval was made during a meeting between Saudi Industrial Development Fund (SIDF) representatives and a Pakistani delegation at the SIDF headquarters. The SDF representatives included Saud Al-Basan, Abdullah Al-Shaibi, Bander and Muhammad Haneebi. The Pakistani delegation included Raghib Abbas Shah, chairman of Water and Power Development Authority (WAPDA); Haseeb Athar, additional secretary economic affairs division and Muhammad Zubair, CEO Neelum-Jhelum Hydro Power Project. Pakistani Ambassador Muhammad Naeem Khan said: "The bilateral relations between the Kingdom and Pakistan are historically and internationally close. We have prepared a comprehensive road map for Saudi-Pakistan relations and it is being examined in various departments of the Saudi government. It covers almost every sector including economic, trade, political, education and many others," he said. He added that the roadmap will enhance the bilateral relationship in various fields, leading to the opening of other non-traditional areas. "Saudi-Pakistan relationships have a great future," he said. Wassem Hayat Bajwa, commercial attache at Pakistani Embassy, said: "This agreement is of vital importance as Pakistan is going through a severe energy crisis and is in dire need of financial assistance." He added: "The Neelum-Jhelum project is in the last phase and with this assistance it will be completed next year." The formal signing of the loan agreement has been scheduled for September.