Islamabad: The Kingdom of Saudi Arabia (KSA) authorised PKR 37.4 billion for the building of the 800MW Mohmand Dam on Wednesday, according to news sources.
The KSA Ambassador in Pakistan, Nawaf bin Saeed Al-Malkiy, stated that the Saudi Fund for Development (SFD) is available at a 2% interest rate with a 25-year payback period. The Saudi Ambassador offered Pakistan help at all levels in order to improve commercial ties.
The dam is currently being built on the Swat River in Mohmand district, Khyber Pakhtunkhwa, by the Water and Power Development Authority (WAPDA). The aforementioned project will irrigate 16,000 acres of land while also encouraging agriculture in the area. The project was authorised in March 2019 at a cost of USD 2.2 billion, and the foundation was poured in May 2019. The commissioning date is set for July 2024.
Furthermore, Minister of Economic Affairs Omar Ayub stated that the dam will increase the region’s energy security and hydroelectric potential. Mr Ayub told the media that the administration is focusing on the creation of ecologically clean and economical energy.
The Mohmand dam is expected to resolve the flooding problem in Charsadda, Naushera, and Peshawar areas.