China releases $49 million more for N-J project

LAHORE: The Chinese government on Friday released $49 million through Exim Bank of China for Neelum-Jhelum Hydropower Project in a bid to help Pakistan accelerate the pace of work on the mega hydel scheme. As the government was facing financial issues for timely completion of the project, senior officials concerned termed funds from China a major development that would help them accomplish various tasks on time. The Exim Bank of China is among five major funding agencies besides Saudi Fund, Islamic Development Bank, Opec Fund for International Development, Kuwait Funds contributing millions of dollars to the $2.74 billion project, according to a revised PC-1. “The Exim Bank alone has committed to contribute about $450 million to the project under a soft loan. The bank had earlier released over $17 million to our government,” a senior official told Dawn. He said keeping in view the Prime Minister Nawaz Sharif’s interest in the early completion of the project’s first unit by December 2015 and power generation by January or February 2016 after a test run, authorities had increased the pace of work. “The project, which requires Rs2 billion per month for its completion on time, is very important for the government for adding 969MW to the national grid. It will considerably help the government reduce loadshedding by at least two hours a day,” the official explained. He said 61pc work on the project had been completed. Approximately 70pc digging for 67km tunnels and 100pc digging of underground powerhouse and transformer halls had been completed. Published in Dawn, May 31th, 2014