|Neelum-Jhelum: Abu Dhabi Fund withholds $100 million loan for power project|
29 September 2012
ISLAMABAD: The Abu Dhabi Fund (ADF) has withheld a $100 million loan it had pledged for the construction of the 969 megawatt Neelum-Jhelum hydropower project in Azad Jammu and Kashmir, a parliamentary panel was informed on Friday.
The ADF provides development aid to developing countries in the form of concessionary loans and grants on behalf of the Abu Dhabi government.
“The loan agreement of $100 million is pending with the ADF because it has linked it to the resolution of payment issue with Etisalat in the PTCL privatisation process,” Lt Gen (R) Muhammad Zubair, the managing director of Neelum-Jhelum hydropower company, told the National Assembly Standing Committee on Economic Affairs Division.
Zubair informed the committee, which met under the chairmanship of Pirzada Imran Ahmed Shah, that the loan agreement of $448 million with Exim Bank China was also pending as China State Council was yet to give the go-ahead.
Financial constraints were further delaying the project that was supposed to be completed by 2016, he said.
“The Neelum Jhelum Hydropower Company has not been able to open Letter of Credit (LC) to procure equipment and material for the project against financing of $113 million by Islamic Development Bank (IDB) and this issue has been taken up with the company board,” he added.
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