Pakistan's agreements Saudi Arabic government SFD company $240 Million Loan Agreement dam project.

 Pakistan's agreements Saudi Arabic government  SFD company $240 Million Loan Agreement to Support Mohmand Dam Project.

 

ISLAMABAD: By a deal made on Friday between Pakistan and Saudi Arabia, the multifunctional Mohmand Dam project will advance thanks to a $240 million contribution from the Saudi Fund for Development (SFD). According to the state news agency, the dam will greatly improve flood resilience, raise the country's sustainable water supply for agricultural and human use, and contribute to the country's energy security.

 

According to a press statement, the agreement was signed by the Federal Secretary of the Ministry of Economic Affairs, Dr Kazim Niaz, and the Chief Executive Officer of SFD, Sultan Abdulrahman Al-Marshad. The Saudi Ambassador to Pakistan, Nawaf bin Said Al-Malki, was also occasionally present. Through this financing, Saudi Arabia and Pakistan are demonstrating their commitment to advancing sustainable development and meeting Sustainable Development Goals.

 

While nearly 80% of the population in Khyber Pakhtunkhwa Province lives in rural areas, the Mohmand Dam project would improve food and water security as well as the quality of life for locals. The project is in line with SDG-2 (Food Security), SDG-6 (Clean Water), and SDG-7 (Clean Energy), and embraces SDG-17. It will also aid in increasing socioeconomic development by generating employment opportunities and lowering poverty levels in these areas (Partnerships for the Goals).

 

The Saudi Fund for Development, OPEC, the Islamic Development Bank, and the Kuwait Fund for Arab Economic Development are all contributing funds to the project, which is anticipated to have a substantial influence on Pakistan's water and energy sectors.

 

The project will produce roughly 800 Megawatts of electricity utilizing renewable energy sources, enhancing Pakistan's energy security. Also, the province's total cropping area will rise from 1,517 hectares to 9,227 hectares thanks to the storage of 1.6 million acre-feet of water, which will enable the irrigation of 6,773 hectares of new land and support sustainable agricultural practices.

 

The CEO of SFD noted during the signing of the agreement the close developmental ties between Saudi Arabia and Pakistan as well as the importance of collaboration between development funds, as demonstrated by this project. He added that this initiative is a continuation of SFD's long-standing support for programs and projects that promote development in Pakistan.

 

In addition, SFD has financed oil derivatives worth more than USD 5.4 billion between 2019 and 2023 to support Pakistan's economy. This comes as a continuation of the support provided by the Government of Saudi Arabia to the brotherly country Pakistan to build a sustainable economy. To date, the SFD has funded around 41 development projects and programs in Pakistan, totaling approximately $1.4 billion. Addressing the event, Secretary EAD Dr. Kazim Niaz offered the Kingdom of Saudi Arabia his profound gratitude and admiration for its consistent support of Pakistan's development sectors through the SFD.

 

He acknowledged the Kingdom's sizable financial contribution to the crucial project and stressed the project's significance for Pakistan's and its citizens' beneficial development. According to him, using renewable energy would make it possible to employ sustainable energy sources and water resources, improving the security of both food and water. Dr. Niaz lauded the Kingdom of Saudi Arabia's development initiatives, which have been carried out through SFD since 1976 and have produced notable social growth and lasting economic prosperity.

 

Since 1975, the SFD has additionally financed 76 energy-related development projects and programs in African and Asian nations, including 33 projects and programs in Africa, 42 projects and programs in Asia, and one project in South America. Also, the SFD actively participated in the development and support of 35 projects in 23 developing countries in the field of renewable energy.

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