ISLAMABAD : Saudi Arabia will provide a $240 million loan to co-finance Pakistan's multi-purpose Mohmand dam project, a major hydro-power complex being built in northwest of the country, statements from both sides said on Friday.The project will 'contribute to Pakistan's energy security, increase sustaina
ISLAMABAD : Saudi Arabia will provide a $240 million loan to co-finance Pakistan's multi-purpose Mohmand dam project, a major hydro-power complex being built in northwest of the country, statements from both sides said on Friday.
For Pakistan, the funding will help to boost critically low foreign exchange reserves as it faces an acute balance of payment crisis, as well as helping to address the energy needs of the 220-million strong nation. The water storage will also support sustainable agricultural practices to enable irrigation of 6,773 hectares of land, and increase the total cropping area from 1,517 hectares to 9,227 hectares in the northwestern region, the agreement said.
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