WAPDA invites Germany’s KfW to invest in hydropower

ISLAMABAD: Pakistan’s upcoming hydroelectric projects especially Mohmand and Diamer Basha dams were excellent investment venues for local and international institutions, an official said on Thursday. “German investors can take advantage of the opportunities to invest in WAPDA (Water and Power Development Authority) projects,” Muzammil Hussain, chairman WAPDA said in a meeting with a delegation of KfW, a German government-owned development bank.

Veronica Garcia, the KfW’s recently appointed Division Chief (Infrastructure and Finance) for Pakistan led the delegation in the meeting where matters relating to financing of WAPDA projects were discussed in detail.

Muzzamil said the authority holds a strong asset base, therefore, enjoyed the trust of national and international financial institutions for arrangement of funds for its projects, adding, the WAPDA’s innovative financial strategy has also been delivering.

“In the last two years WAPDA successfully arranged Rs100 billion from a consortium of local banks for Neelum Jhelum Hydropower Project. Similarly Rs144 billion was raised for Stage-I of Dasu Hydropower Project,” the chairman said.

He added that the WAPDA also managed funds worth $350 million by venturing into the international financial market on its own independent standing.

Muzzamil said the WAPDA was committed to initiating construction work within a year on Mohmand and Diamer Basha dams, two of its mega multi-purpose projects.

“Both projects will significantly add to the water storage and power generation capacities in the country,” he added. In addition to Diamer Basha and Mohmand dams, the chairman also briefed the delegation about the upcoming projects including Bunji Hydropower Project, Lower Palas Valley Hydropower Project, Bara Dam, and Kurram Tangi Dam etc.