Pakistan, Friday, 12 Ramadan 1445 AH, corresponding to March 22, 2024 AD.

Saudi Fund for Development’s CEO H.E. Mr. Sultan Abdulrahman Al-Marshad, signed today two development agreements with the Secretary Ministry of Economic Affairs for the Islamic Republic of Pakistan, H.E. Dr. Kazim Niaz, to finance the Establishment of the Shounter Hydropower and the the Jagran-IV Hydropower Projects with soft development loans, amounting $66 million and $35 million respectively. 
The first agreement is intended to construct the Shounter Hydropower station with a capacity of (48) megawatts and connect it to Pakistan national grid of electricity. This Project involves dam construction, water diversion and purification structures, excavation of main water transport tunnel, powerhouse and discharge tunnel construction, as well as equipment, devices, and transmission lines supply. Meanwhile, the second agreement is concluded to establish the Jagran-IV Hydropower Project with a capacity of (22) megawatts and connect it to Pakistan national grid of electricity. This Project entails construction of dam, powerhouse, water diversion and purification building, as well as provision of generators, transformers, necessary equipment, and transmission lines.
These two agreements mark a continuation of efforts to boost clean energy projects in Pakistan, addressing challenges posed by conventional energy and its associated financial costs. Additionally, they underscore significance of clean energy and its contribution to fostering vital opportunities for sustainable development, aiming to support social development, stimulate economic growth, and meet population basic needs.
It is worth noting that since 1976, Saudi Fund for Development has been supporting the Islamic Republic of Pakistan through financing the implementation of (41) development projects and programs through soft development loans and generous grants totaling over $1.4 billion to support growth of various vital sectors across Pakistani regions