ISLAMABAD – Pakistan and Germany have inked financing agreement forHydropower and Renewable Energy Phase-II worth 2,145.29 million rupees.
A ceremony to this effect was held in Islamabad on Friday in whichSecretary, Economic Affairs Division Dr. Syed Pervaiz Abbas and CountryDirector, German Development Bank Wolfgang Moellers signed the document onbehalf of their sides. Minister for Economic Affairs Hammad Azhar was alsopresent on the occasion.
Addressing the ceremony, Hammad Azhar thanked the German government for thegrant assistance which will be helpful in addressing the increasing energyneeds of the region while employing environment friendly solutions.
Country Director, KfW Wolfgang Moellers said that soon the population ofGilgit-Baltistan will have access to the green and sustainable energy,which will contribute towards socio-economic uplift of the masses. Thiswill also help to create more jobs and promote tourism in the area.
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Under the agreement, German Development Bank will provide grant assistanceworth 12.5 million Euros to the Government of Gilgit-Baltistan and AghaKhan Rural Support programme. The project has one component of hydropowerthat will be implemented by the Water & Power Department of GB Governmentwhile the second component of biodiversity will be executed by the AghaKhan Rural Support Program.
The implementation of HRE-II in Gilgit-Baltistan will contribute to theprovision of electricity for the population of Hunza and Nagar throughutilization of its abundant water resources.
