Vice President of European Investment Bank (EIB), Ms Magdalena Alverez Arza, will visit Pakistan from February 15 to 18 to sign a cooperation agreement with the Government of Pakistan for Euro 100 million credit provided by the EIB for 128 MW Keyal Khwar Hydropower Project.
The Keyal Khwar Project will be built in Dasu district of Khyber-Pakhtunkhwa on the right tributary of the Indus River.
The project is scheduled to be completed in four years and will provide 418 Million units of low-cost hydel electricity to the national grid and support deployment of renewable energy in Pakistan.
It will also benefit local residents through improved transportation and employment opportunities.
The Project is supported by European Investment Bank in cooperation with the German Development Bank (KfW) and the Pakistan Water and Power Development Authority (Wapda).
The EIB and KfW are providing Euro 100 million and Euro 97 million respectively for construction of the hydropower project, at a cost of Euro 240 million.
This is the fifth project being supported by the European Investment Bank in Pakistan.
Since the start of lending in Asia in 1993 the European Investment Bank has provided more than Euro 5.1 billion for long- term investment projects, including Euro 2.4 billion in the energy sector.
The European Investment Bank intends to explore ways to finance additional renewable energy projects in Pakistan.