On Tuesday, The Asian Development Bank announced that it will be extending Pakistan a $300 million loan to finance the construction of a 300-megawatt hydropower plant near Balakot.
“The Asian Development Bank (ADB) has approved a $300 million loan to finance the construction of a 300-megawatt hydropower plant that will increase the share of clean energy in Pakistan and improve the country’s energy security,” said the lender in a statement.
The Manila-based lending agency said the government will invest $175 million in the project. It also shared that Islamabad has requested a $280 million loan in project co-financing from the Asian Infrastructure Investment Bank (AIIB) as well.
The ADB said that the plant will add 1,143 gigawatt-hours of clean energy to Pakistan’s energy mix and also improve the energy sector’s reliability and sustainability.
