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PM lauds Dar’s effort in obtaining WB approval of loans

PM lauds Dar’s effort in obtaining WB approval of loans

ISLAMABAD: Prime Minister has appreciated Finance Minister Ishaq Dar and his team for achieving World Bank’s approval for financing the Dasu Hydropower Project of 4,500 MW.

Out of $700 million loan, $600 million would be utilised for the Dasu Project while remaining funds would be utilised for the uplifting of irrigation projects in Sindh province.

The Premier remarked that it showed the confidence of the multi-lateral donors and foreign countries in the economy of Pakistan. “The projects will play important role in diminishing the power shortage and better utilisation of water resources,” the PM said.

The Finance Minister said that the World Bank’s loans are purely concessionary and cheap. The repayment schedule is spread over a period of 25 years including 5 years grace period, with low interest and nominal administrative charge of two per cent per annum. It will also help decrease domestic debt, the finance minister added.

PM Sharif expressed satisfaction that the government’s economic reforms agenda and sustained efforts have placed Pakistan on the track of development.