ISLAMABAD: Federal Minister for Finance Mohammad Ishaq Dar informed the National Assembly on Wednesday that the World Bank’s Board of Directors unanimously approved US $580 million for the 4500 megawatt Dasu Hydropower Project.
“Showing full confidence over the leadership of Prime Minister Nawaz Sharif, the United States also voted along with all other members of the board, in favour of Pakistan’s Dasu Hydropower project in the meeting of World Bank’s board of Directors held in Washington last night”, the Minister added.
Ishaq Dar said that in the past the international community was not ready to allow Pakistan to develop both mega projects, Dasu and Diamir Bhasha Dam simultaneously but the Pakistan Muslim League (N) government decided to convince the international community for developing both the projects at a time.
He informed the House that no International institution was ready to finance Dasu Project without obtaining No Objection Certificate (NOC) from the neighbourly countries but after prolonged negotiations for one year, the World Bank’s Board of Director has unanimously approved the project which is a good sign for the country.
He also informed that for Diamir Bhasha Dam, the government has allocated Rs 55 billion during the year 2014-15 for acquiring land for the project and the process of acquiring land is continued.
He said with the completion of these two projects, the energy crisis in the country would be eased out.
Responding to an argument of a member from opposition benches who said that in the Budget 2014-15, the provinces other than Punjab have been neglected, the Minister said that the 4,500 MW Dasu Hydropower Project was in Khyber Pakhtunkhwa and people of KPK would be benefited from this project more than others.