ADB to grant Rs 85b for Balakot Hydro Power Project construction

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Staff Reporter
Peshawar

As an important development in energy sector, the Khyber Pakhtunkhwa government has signed contract agreement with the Chinese construction company for the construction of 300 MW Balakot Hydro Power Project, the biggest ever project of hydro power generation under the provincial government.

The 300 mega watt power project would be constructed with an estimated cost of Rs. 85.00 billion in a period of six years with the financial assistance of Asian Development Bank.

A ceremony to this effect was held here on Tuesday with Chief Minister Khyber Pakhtunkhwa Mahmood Khan as chief guest.

Concerned authorities of Pakhtunkhwa Energy Development Organization and Chinese construction company signed the contract agreement to start physical work on the project.

Besides provincial cabinet members Taimur Saleem Jhagra and Himayatullah khan, the event was also attended by the high ups of Energy and Power Department.

Talking on this occasion the Chief Minister termed the project as of vital importance for the province and a milestone achievement of the provincial government, and said that ground breaking of the project is expected to be performed by the mid of next month adding that hopefully, Prime Minister Imran Khan would himself perform the ground breaking ceremony of the mega project.

Mahmood Khan stated that the project on completion, would play an important role in boosting industrial activities, job creation and overall development of the province adding that during the construction phase, the project would generate around 4000 job opportunities whereas on completion, it is expected to generate a revenue of Rs. 14 billion per annum.

Mahmood Khan maintained that power generated by Balakot Hydro power project would be provided to local industries as well as domestic consumers on relatively cheaper rates.

The chief minister said that the incumbent provincial government was taking result oriented steps under a well devised strategy to ensure optimum utilization of the hydro power potentials of the province with the aim to meet its energy requirements and strengthen its economy adding that so far various hydro power projects with a total capacity of 160 mega watts have been completed under PEDO, whereas work is in progress on various other projects having a total capacity of 216 Mega Watts.