Secretary, of Economic Affairs Division Dr Kazim Niaz and Chief Executive Officer (CEO) of the Saudi Fund for Development (SFD) here Friday signed loan agreements $66.00 million for Shounter Hydropower Project (48 MW) and $41.00 million Jagran IV Hydropower Project (22 MW).
Minister for Economic Affairs, Ahad Khan Cheema witnessed the signing ceremony, according to a press statement issued by the Economic Affairs Division.
These endeavours aim to harness the indigenously available hydropower potential and generate 70 MW of hydropower, which will be transmitted to the national grid.
Moreover, it will help in eradicating the menace of deforestation by providing electricity as an alternative to the energy needs of the local communities, who hitherto are entirely dependent on forest wood; and create economic opportunities for the socioeconomic uplift of the people of Azad Jammu and Kashmir.