Saudi Arabia Provides USD240 Million Loan to Support Mohmand Dam Project in Pakistan

(MENAFN) On Friday, Saudi Arabia signed a loan agreement worth USD240 million with Pakistan to support the Mohmand Dam project in the northwestern Khyber Pakhtunkhwa province. The agreement was signed in Islamabad and was attended by senior officials from the Ministry of Economic Affairs and Saudi Ambassador to Pakistan Nawaf bin Said Al-Malki. The loan is expected to enhance Pakistan's energy security by generating 800 megawatts of electricity while also providing water for irrigation and preventing flooding in the area.

The Mohmand Dam was damaged by a flood last year, causing a significant loss to Pakistan's economy, which is still recovering from the impacts of the global coronavirus pandemic. The project aims to improve food and water security while also promoting socioeconomic development in the province. The loan will be provided by the Saudi Fund for Development (SFD).

Prime Minister Shehbaz Sharif visited the dam site last August and announced its potential to generate 800 megawatts of electricity and provide water for irrigation while also preventing flooding in the area. The Mohmand Dam project is expected to contribute significantly to Pakistan's overall development and boost its economy.

In conclusion, Saudi Arabia's USD240 million loan agreement with Pakistan to support the Mohmand Dam project is expected to significantly enhance Pakistan's energy security and promote regional development in the northwestern Khyber Pakhtunkhwa province. The project's completion is expected to generate electricity, provide water for irrigation, and prevent flooding in the area. The loan is a significant boost to Pakistan's economy, which is still recovering from the impacts of the global coronavirus pandemic.

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