Faiz Al-Najdi Saudi Gazette RIYADH – The Saudi Development Fund (SDF) has pledged $100 million for the Neelum Jhelum Hydro Power Project in Pakistan, Pakistani Commercial Attaché Waseem Hayat Bajwa in Riyadh revealed. “On July 21, 2013, a Pakistani delegation comprising of the Chairman WAPDA Raghib Abbas Shah, Additional Secretary Economic Affairs Division Haseeb Athar and CEO of Neelum Jhelum Hydro Power Project Lt General (Rtd) Muhammad Zubair held a meeting with SDF executives represented by Saud Al Basan, Engr Abdullah Al Shaibi, Bander and Muhammad Haneebi, Bajwa said. He added that the meeting held at the SDF headquarters in Riyadh was successful, with the SDF representatives approving the draft of the $100 million loan agreement for the Neelum Jhelum Power Project. “This agreement has a vital importance, as Pakistan is going through a severe energy crisis and is in dire need of this financial assistance,” Bajwa noted, adding that the Neelum Jhelum project is in the last phase and with this assistance, will be completed next year. The formal signing of the loan agreement will be done in September this year in Islamabad. Bajwa also revealed that SDF stands committed to the funding of the urea sector which is already being financed by SDF to the tune of $100 million every year, and a pledge to raise enhance it to over $200 million from next year. “It may also be converted into a revolving agreement which will be beneficial to both countries, because the Kingdom is the main beneficiary of this financing being the major consumer under the Pak-Arab fertilizer establishment,” Bajwa said.
