Saudi Arabia will offer a US$240 million fund to co-finance a major hydro-power complex in Pakistan.
The project aims at addressing the energy needs of the 220-million-strong nation.
A statement was published by all financial providers including the Saudi Fund for Development (SFD), the Organization of the Petroleum Exporting Countries, the Islamic Development Bank, and the Kuwait Fund for Arab Economic Development.
The funding agreement will help boost low foreign exchange reserves in Pakistan, as it faces a severe balance of payment crisis.
According to the statement, the project will use renewable sources to generate 800 megawatts of electricity production capacity, contributing to Pakistan’s energy security .
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