ISLAMABAD     -     The Economic Affairs Division arranged a joint coordination conference of development partners including Islamic Development Bank (IsDB), Saudi Fund for Development (SFD), Kuwait Fund for International Development (KFD) and OPEC Fund for International Development (OFID) for Jamshoro Power Project (Lot-II).
After two days of extensive consultations, a broad consensus has been developed and the financial close amounting to $303 million has been achieved as follows :-
(a) Islamic Development Bank: $100 million
(b) Saudi Fund for Development: $91 million
(c) Kuwait Fund for Development: $40 million
(d)OPEC Fund for International Development: $72 million.
The project involves construction of Lot-II of 2x600 MW (net) Jamshoro Coal Power Plant. Construction of Lot-I of the plant is already underway whereas Lot-II consists of a new 600 MW (net) super critical power plant.
The project will help to decrease the power shortfall currently existing in the country.
The project is an essential part of GOP strategy to fill existing electricity supply gap, while at the same time increase the ratio of cheap coal based power generation in the overall mix of electricity supply. Upon completion, the project will add on an annual basis 4488 GWh to the national grid to support and sustain economic growth of the country.
In this regard, first financing agreement amounting to $100 million was signed with IsDB for Jamshoro Power Project (Lot-II). Muhammad Hammed Azhar, Minister for Economic Affairs, witnessed the loan signing ceremony. The loan agreement was signed by Noor Ahmed, Secretary, Economic Affairs Division, while IsDB was represented by Musa Sillah, Director (MENA & Europe), IsDB.
It may be recalled that in the month of September 2019, an agreement was also signed with IsDB for support to the Polio Eradication Program worth $100 million, including $10 million grant under Live & Livelihood Fund of the Bank.