PESHAWAR: Provincial Minister for Finance and Health Minister Taimur Saleem Jhagra Wednesday said that Rs. 7.2 billion agreement has been made for the speedy completion of Khyber Pakhtunkhwa energy projects.
For the first time, projects will be funded by taking loans from banks through corporate commercial financing, Taimur Saleem Jhagra told media men during the signing ceremony of the agreement between PEDO and Commercial Banks, was held agt PEDO House Peshawar.
Representatives of Habib Bank and Khyber Bank including Provincial Minister for Finance and Health Timur Khan Jhagra, Secretary Energy and Electronics Syed Imtiaz Hussain Shah, Chief Executive Pedo Engineer Naeem Khan and UK Aid Funded Sustainable Energy & Economic Development (SEED) Program and Bridge Factor Advisors attended.
Provincial government, he said, to start work on 1200 MW more energy projects while (Pedo) signs Rs 7.2 billion agreement with commercial banks including Habib Bank Limited and Bank of Khyber.
Funds for ongoing energy projects in the province will be increased by obtaining loans under financial assistance of Rs. 7.2 billion, Chief Executive Officer Pedo Engineer Muhammad Naeem Khan said.
PEDO in the province is honored to borrow Rs. 7.2 billion from commercial banks for the first time through commercial financing to enable expeditious completion of ongoing energy projects as a corporate to repay the proceeds from the projects.
PEDO will start work on another 1,200 MW of energy projects in the next few years. Minister of Finance Taimur Saleem Jhagra informed. PEDO is active in producing cheap and environmentally friendly electricity in the province. While the housing model will be expanded for the development of the industrial sector and employment generation. Taimur Saleem said.
With the agreement, PEDO will emerge as a financially independent entity, which will have a positive impact on the company’s performance, Finance Minister Taimur Saleem said. PEDO is working hard on a number of projects to generate cheap electricity from water in the province, said Energy Secretary Imtiaz Hussain Shah.
The ongoing projects of PEDO are generating billions of rupees annually for the province, Secretary of Energy Imtiaz Hussain Shah added. Ongoing energy projects will be completed as soon as possible through commercial financing which will have a profound positive impact on the economy of the province, said Chief Executive Officer PEDO Engineer Muhammad Naeem Khan.