Saudi Arabia signed a $240 million loan agreement with Pakistan on Friday to support the Mohmand Multipurpose Dam Project, according to a statement issued by the Ministry of Economic Affairs. The agreement was signed by Sultan Abdulrahman Al-Marshad, CEO, Saudi Fund for Development and Kazim Niaz, Federal Secretary for Ministry of Economic Affairs. Saudi Ambassador to Pakistan Nawaf bin Said Al-Malki was also present on the occasion. The statement said this loan represents a strong partnership between Saudi Arabia and Pakistan in promoting sustainable development and achieving the sustainable development goals. Mohmand
Multipurpose Dam Project is a major hydropower complex that will contribute to Pakistan’s energy security, increase sustainable water supply for agriculture and human consumption, and improve resilience to floods.
The statement noted that the project is expected to enhance water and food security, and improve the standard of living for people in Khyber Pakhtunkhwa, where almost 80 per cent of the population resides in rural areas, boosting the region’s socioeconomic development by creating employment opportunities and reducing poverty levels.
It added that by using renewable energy sources, the project will generate 800 MW of electricity production capacity, contributing to Pakistan’s energy security.
