Govt arranges funds for Dasu Hydro Power project

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ISLAMABAD:The government has arranged funds for Dasu Hydro Power project from World Bank and different foreign and local commercial banks. According to sources, the government signed an agreement with local commercial banks led by M/s HBL for financing up to Rs. 144 billion signed on March 29, 2017. First tranche of Rs. 25 billion was received in May 2017.
The government also signed an agreement with foreign commercial bank M/s Credit Suisse Bank for US$ 350 million credit signed on June 29, 2017. The first tranche of US$ 188 million was received on June 30, 2017.
The government and Water and Power Development Authority (WAPDA) also signed an agreement with the World Bank for US$ 588.4 million signed on August 25, 2014 along with an IDA Partial Credit Guarantee (PCG) of US$ 460 million. Loan agreement is effective since November 20, 2014.
There is a shortfall of US$ 485 million, which is being arranged through Economic Affairs Division.