$2.4b tripartite deal signed for Kohala Hydel Power Project
‘Biggest ever’ investment on single project: PM
ISLAMABAD: 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.
The PM said Kohala Hydropower Power Project drew the biggest ever investment in Pakistan on a single project. - APP