ISLAMABAD - Finance Minister Ishaq Dar called on Prime Minister Muhammad Nawaz Sharif in his National Assembly chamber on Wednesday and apprised him of the World Bank's approval for financing the Dasu Hydropower Project (4,500 MW).

Appreciating Ishaq Dar and his team for this remarkable achievement Premier Sharif said out of $700 million loan $600 million would be utilised for Dasu Hydropower Project while $100 million would be utilised for the uplifting of the Sindh Irrigation project.

"It shows the confidence of the multi-lateral donors and foreign countries in the economy of Pakistan," the premier added. "The projects will play important role in diminishing the power shortage and better utilisation of water resources," he said.

"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 said.

‘Pakistan put on

development track’

Agencies add: PM Nawaz Sharif said government's economic reforms agenda and sustained efforts have placed Pakistan on development track.

“Our policies have made Pakistan a lucrative place for the foreign investors,” he told a delegation of Chinese company Power China that called on him on Wednesday.

The meeting was attended by chief economist Power China Mr Liu Ming Jiang, President Mr Wu Wenhao, Special Advisor to PM Musadik Mailk, Secretary to PM Javaid Aslam, Secretary Water and Power Ms Nargis Sethi and other senior representatives from both sides.

The delegation appreciated the investment policies of the government and told the prime minister that their company is already working on many projects and is interested in more investment in Pakistan. Prime Minister appreciated their investment plans and said that government will provide all facilities to the investors.

The prime minister was told that Power China is playing an active part in the energy aspect of China-Pakistan Economic Corridor, including two 660MW power plants at Port Qasim and Gadani.

The Power Construction Corporation of China (Power China) provides comprehensive and full-range of services in the development of hydropower, water works, thermal power, new energy, and transmission and distribution projects.