ISLAMABAD -  World Bank Country Director Patchamuthu Illangovan has said that two contracts (worth $2 billion) for the Dasu Hydropower project are ready for the signing, which have been awarded to the lowest evaluated bidder.

During the meeting, chaired by Finance Minister Senator Ishaq Dar to review Tarbela Dam 5th Extension Hydropower Project, World Bank Country Director Patchamuthu Illangovan informed Dar that International Bank for Reconstruction and Development (IBRD) will lend $390 million, while Asian Infrastructure Investment Bank (AIIB) will lend $300 million for the project. The WB country director also said that loans from the IBRD and the AIIB have been arranged for the project.

The finance minister appreciated the support of the WB, IBRD and AIIB in arranging the loans for the Tarbela Dam project. He said that energy reforms are one of the foremost priorities of the present government. He emphasized that the government is actively working towards elimination of load-shedding, ensuring energy self-sufficiency for the country, and provision of cheap energy at affordable rates to the people of Pakistan.

He said that Tarbela Dam is an important and historic dam for Pakistan, and its successful extension, with the help of the financing made available by IBRD and AIIB, will go a long way in achieving the government’s goals for the energy sector of the country. The meeting was attended by the Auditor General for Pakistan and senior officials of the Ministry of Finance, Ministry of Water & Power and the World Bank.