Monday 17 February 2014

EU grants Pakistan €100m for hydropower project

EU grants Pakistan €100m for hydropower project

Pakistan has been given a €100 million (£82m) long-term loan by an EU bank to boost the development of renewable energy in the country.

The cash will be used for the construction of the Keyal Khwar hydropower project, with a total capacity of 128MW.

It will feed renewable energy into Pakistan’s national power grid and is expected to provide a reliable source of energy while cutting carbon emissions.

Magdalena Alvarez, Vice President - European Investment Bank (EIB) said: “The EIB is pleased to be able to support Pakistan in this important sector, addressing the increased demand of energy in the country. The investment will provide a clean and reliable supply of electric power contributing to climate change mitigation, which is a fundamental goal of the European Union.”

Last December India offered to help Pakistan build new biomass plants in the country.

Written by

Bruna Pinhoni

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