Islamabad: The Jeddah-based Islamic Development Bank (IsDB) and Ministry for Economic Affairs on Monday (March 21) signed financing agreements worth USD 180 million for Mohmand Dam Hydropower Project, according to news sources.
The agreement was signed by Special Adviser to the President IsDB Mohammad Jamal Al-Satti and Secretary Economic Affairs Mian Asad Hayaud Din. IsDB President Dr Muhammad Al Jasser was also present at the contract signing. In the meeting with Minister for Economic Affairs Omar Ayub Khan, Dr Muhammad Al Jasser also discussed other matters of mutual interest.
Moreover, a total of three framework agreements were signed under which PKR 310 billion funds will be provided for Mohmand Dam. The IsDB chief stated that the agreement signing for the Mohmand Dam project marks the start of a strong partnership between IsDB and Pakistan.
Reportedly, the construction contract was awarded to a consortium of Descon Engineering and China Gezhouba Group Company. The completion deadline of the project is set for December 2025.