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$252m IDB Loan Approved for KP Dam

Islamabad: According to sources, The Islamic Development Bank (IDB) has granted a $252 million loan for two projects. These projects include the development of an anti-Covid vaccination and the construction of the Mohmand Dam in Khyber Pakhtunkhwa.

The bank’s board of directors accepted the loan as communicated by IDB President Dr. Muhammad Sulaiman Al-Jasser to Minister for Economic Affairs Omar Ayub Khan.

In addition, the Jeddah-based bank has inked the financing deal to acquire $72.5 million for Covid 19 vaccinations. The bank also authorized a 180 million dollar loan for the Mohmand Dam Hydropower Project.

Read: PBA Announces Strategic Partnership to Extend Housing Loans

These two programs are predicated on bolstering the country’s green initiative and promoting economic growth.

The Mohmand Dam Hydropower Project will generate 800 megawatts of energy. In addition, the bank’s water storage capacity will increase by 1,293 million acres per foot. This project would also offer 13,32 cubic meters per second of safe drinking water to the Peshawar people. More than 600 jobs will be provided for the inhabitants.

Read: Metro Bus to ISB Int’l Airport to Be Made Operational Next Year

Mohmand Dam will be the fifth-tallest dam made of concrete. The building began about two years ago. It consists of diversion tunnels, a left bank irrigation tunnel, a power intake re-regulation pond switchyard, a spillway, a powerhouse, the central dam abutment, access roads, and a power waterway.

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