A Tripartite Agreement of $2.4 billion Kohala Hydropower Project under CPEC signed today
A major milestone towards the successful implementation of 1,124MW Kohala Hydropower Project in Azad Jammu and Kashmir (AJK) under CPEC framework is achieved as a Tripartite Agreement signing ceremony between a Chinese company, governments of Pakistan and AJK held today. Prime Minister Imran Khan witnessed signing ceremony and said US $ 2.4 billion investment in Kohala Hydropower project under CPEC is the biggest Foreign Direct Investment (FDI) in Pakistan. The other projects signed included 700MW Azad Pattan hydropower project, 300MW Ashkot hydropower project, 640MW Mahl hydropower project, 450MW Athmuqam hydropower project, 82MW Turtonas-Uzghor hydropower project, 163MW Grange Power. Ltd.
PM further asserted the Kohala Hydropower project will promote regional development and uplift the socio-economic status of people in AJK by creating more jobs. The project would create clean energy, environmental benefits and reduce dependence on furnace oil import which creates current account deficit. Chairman CPEC authority Lt. Gen. (R) Asim Saleem Bajwa has said that it is the largest power sector investment of $2.4 billion in a single Independent Power Producer (IPP). Chairman asserted the project will provide generate cheap energy and create 5000 direct jobs.
Prime Minister’s commitment to expedite work on CPEC projects and hard work of all stakeholders has played a significant role to achieve this milestone.
Special Assistant to Prime Minister on Information Lt Gen (r) Asim Saleem Bajwa revealed on Thursday that the tripartite agreement signing ceremony for Kohala Hydel Power Project will be held today.
SAPM Bajwa said that it was a “historic day” as it is the largest power sector investment of $2.4 billion in a single Independent Power Producer (IPP).
“With PM Imran’s clear direction to expedite CPEC projects,all stake holders worked hard to bring this day,” tweeted SAPM Bajwa on Thursday.
The work on China-Pakistan Economic Corridor (CPEC) funded Kohala Hydropower Project has been in jeopardy since last year as the Chinese contractor has been demobilised following controversy over downstream environmental flows.
The 1,124MW (megawatt) Kohala Hydropower Project, being built on Jhelum River in Azad Kashmir under CPEC, has been awarded to Kohala Hydropower Company Ltd (KHCL), which is a subsidiary of China Three Gorges Corporation (CTGC).
Jun 25 (APP): A tripartite agreement was signed here Thursday between a Chinese company and the governments of Pakistan and China for construction of 1,124 megawatt Kohala Hydropower Project costing $2.4 billion.
The signing ceremony, held at PM Office, was witnessed by Prime Minister Imran Khan, Azad Jammu and Kashmir Prime Minister Raja Farooq Haider, federal cabinet members, Chinese Ambassador in Pakistan Yao Jing, China Pakistan Economic Corridor (CPEC) authority, Chairman Lt. Gen. (R) Asim Saleem Bajwa and representatives of Chinese company.
It is the largest power sector investment of $2.4 billion in a single Independent Power Producer (IPP).
Kohala Hydropower Project, being built on Jhelum River in Azad Kashmir under CPEC, has been awarded to Kohala Hydropower Company Ltd (KHCL), which is a subsidiary of China Three Gorges Corporation (CTGC).
Addressing the signing ceremony, the prime minister while terming the agreement a “great step” towards foreign investment, said Pakistan should have invested in hydro power sector far earlier.
He said the country was progressing well when it had been producing hydro power until it started banking on imported fuel which not only made the local industry non-competitive but also put additional burden on foreign reserves.
The prime minister said the power generation through imported fuel generation also adversely impacted the environment as Pakistan was among nine countries to get worst hit by climate change which necessitated the promotion of clean energy.
The prime minister said Kohala Hydropower Power Project drew the biggest ever investment in Pakistan on a single project.
Pakistan welcomed the investment as it could also set a trend for the country Pakistan to further move towards clean energy for reducing dependence on imported fuel.
The prime minister told the AJK prime minister that the project would also create much-needed jobs for youth both during the construction as well as the operations.
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