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Saudi Fund announces $57m for Golen Gol Hydropower Project
11-20-2013, 03:19 PM
Post: #1
Saudi Fund announces $57m for Golen Gol Hydropower Project
LAHORE: Saudi Fund for Development has announced an additional fund of $57 million for 106-megawatts (MW) Golen Gol Hydropower Project being constructed in district Chitral of Khyber Pakhtunkhwa province.

The Saudi Fund has earlier provided financial assistance of $40 million for civil works of Golen Gol Hydropower Project.

The new announcement was made during a visit of a three-member delegation of the Fund led by Chief Engineer Abdullah Al-Shoaibi on Tuesday.

Pakistan Water and Power Development Authority (WAPDA) in district Chitral is constructing the dam.

WAPDA Chairman accompanied the delegation during the visit.

In this regard, the negotiations will be held in Saudi Arabia’s capital Riyadh next month, following which a formal agreement would be singed for provision of these additional funds.

The delegation along with WAPDA Chairman Syed Raghib Abbas Shah had a detailed round of the site and witnessed the construction activities at weir (dam), head race channel, sand trap, head race tunnel, pressure tunnel, pressure shaft, surge chamber, and power house area. The delegation expressed the hope the project would be completed according to the schedule.

WAPDA Chairman hoped the financial assistance by the Fund would be further enhanced for completion of the project.

Earlier, the delegation in a briefing was apprised 47 percent of the civil works have been completed, with a view to complete the project by August 2015.

It will help reduce dependence on expensive thermal power, thereby saving foreign exchange amounting to $34 million per annum, required for generating the equal quantum of electricity through imported furnace oil.
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