*ISLAMABAD – Pakistan Engineering Council (PEC) has come up with aninnovative idea to construct the much needed Diamer Bhahsa Dam.*
*PEC has advised the government to launch ‘Diamer-Bhasha Dam public limitedcompany’ and launch the company’s shares in the market for publicsubscription to generate funds for the project.*
The PEC is a statutory federal institution for accreditation of engineeringeducation and regulation of engineering profession in Pakistan.
PEC Chairman Engineer Jawed Salim Qureshi, addressing a news conference,said the donations for the dam fund must be used as seed money for theDiamer-Bhasha Dam company. The shares may be issued on the pattern of sukuk(Islamic bonds), he said.
He also claimed that the dam component cost, which was been estimatednearing Rs500 billion, could be slashed by about Rs200bn.
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“The designated funds will receive a rainfall of billions of rupees if weare able to wisely design the financing structure, which could then berolled over to other projects,” he said.
“The Diamer-Bhasha dam is a very attractive project estimated to recoverits investment before 10 years to shareholders while its 50 year life wouldbe a net profit to the state as a normal project,” he observed.
