The Saudi Fund for Development, represented by Chief Executive Officer Sultan bin Abdulrahman Al-Murshed, signed today, in Islamabad; A development agreement with the brotherly Islamic Republic of Pakistan, to finance the Mohmand Hydroelectric Dam Project through a soft development loan provided by the Kingdom of Saudi Arabia through the Fund at a value exceeding $240 million, which aims to enhance the supply of energy and water for agriculture and daily consumption, and protection from flood risks. .
The Pakistani side was represented at the signing ceremony by the Undersecretary of the Ministry of Economic Affairs, Dr. Kazim Niaz, in the presence of the Ambassador of the Custodian of the Two Holy Mosques to the Islamic Republic of Pakistan, Nawaf bin Saeed Al-Maliki, and a number of officials from both sides.
Through its financing of this project, the Saudi Fund for Development seeks to enhance Pakistan's ability to produce clean and renewable energy, by increasing the production capacity of electricity to generate (800) megawatts, in addition to storing about (1.6) million cubic meters of water to provide sustainable water sources for agriculture and human consumption. The project will contribute to enhancing water and food security, irrigating more than 6,773 hectares of new agricultural land and increasing the current crop area from 1,517 hectares to 9,227 hectares, as well as protecting against the effects of floods in the region.
On the occasion, the CEO of the Saudi Fund for Development said: “This project is an extension of the support provided by the Government of the Kingdom of Saudi Arabia through the Saudi Fund for Development since its inception to finance vital and economic projects aimed at achieving growth in development support for the sisterly Islamic Republic of Pakistan, as their number reached about ( 41) projects and development programs, with an estimated value of about (1.4) billion dollars, in addition to financing oil derivatives with a value exceeding 5.4 billion dollars during the past four years.
He added, "This project reflects the importance of partnership and cooperation between development funds, to finance vital projects that contribute to achieving real and tangible benefits for developing peoples and societies, in order to support the goals of sustainable development."
For his part, Dr. Kazim Niaz thanked the Kingdom of Saudi Arabia for supporting the various development sectors in Pakistan through the Saudi Fund for Development and contributing to the financing of this vital project, explaining the importance of the project and its developmental impact on Pakistan and its people through the use of renewable energy to contribute to the provision of sustainable energy, as well as For the provision of water sources that enhance water and food security, praising the development efforts made by the Kingdom through the Fund since 1976 in order to achieve social growth and sustainable economic prosperity.
This project, which the Saudi Fund for Development contributes to financing with the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, and the OPEC Fund for International Development; A contribution to achieving the sustainable development goals related to Goal No. 2 (providing food security and eliminating hunger), Goal No. 6 (securing clean and healthy water), Goal No. 7 (providing clean energy), and Goal No. 17 (partnerships to achieve development goals).
It is noteworthy that the development projects and programs funded by the Saudi Fund for Development in the energy sector at the level of African and Asian countries amounted to (76) development projects and programs since the beginning of its development activity in 1975 AD, of which (33) projects and programs were in African countries, and (42) A project and program in Asian countries, and one project in Latin America, in addition to the Fund's active role in supporting and developing renewable energy sector projects, which numbered (35) projects in (23) developing countries around the world.
Okaz (Jeddah)