France provides Soft Loan of Euro 120 million for Keyal Khuwar 128 MW Hydropower Project - Press Note issued by Press Information Department

January 16, 2023 (PPI-OT)

Following is the text of press note issued by Press Information Department (PID)

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On January 16th 2023, Dr. Kazim Niaz, Secretary, Ministry of Economic Affairs (MoEA) and Mr. Philippe Steinmetz, Country Director, French Agency for Development (AFD), signed the Loan Financing Agreement worth € 120 million for Keyal Khuwar 128 MW Hydropower Project. The French loan assistance will support 128 MW facility, located in the province of Khyber Pakhtunkhwa (KPK), near the city of Pattan. This soft loan will support the Water and Power Development Authority (WAPDA) in its mandate of hydroelectricity sector development in Pakistan.

The funding will also help enhance the competitiveness of renewable power generation thus promoting affordability and scaling up the energy supply. These will be achieved while also mitigating the impacts of power generation on climate and environment, in line with the policies of the Government of Pakistan. The project will contribute to the Government of Pakistan's strategy to develop green energy, reduce greenhouse gas emissions and climate-friendly projects, in line with the French pledge and commitments announced at the International Conference on Climate Resilient Pakistan, which took place in Geneva on January 9, 2023.

The Republic of France through the French Agency for Development is working in Pakistan providing technical and financial support in the energy and urban development sector aiming at green investment in Pakistan. Secretary, Ministry of Economic Affairs thanked the French government and AFD for extending this financial assistance to Pakistan.

For more information, contact:Principal Information Officer,Press Information Department (PID)Tel: +92-51-9252323, +92-51-9252324Fax: +92-51-9252325, +92-51-9252326Email: piopid@gmail.comWebsite: www.pid.gov.pk

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