NISAR AHMED THOKAR
Islamabad, Feb 11: Government of Pakistani administered Kashmir (PaK) and Star Hydro Power Ltd, a Korean company, signed an agreement on the construction of $400 million hydro power project to be build in the suburbs of the region’s capital city Muzaffarabad.
The signing-up ceremony was held at a local hotel here on Saturday, which was attended by PaK premier Chudhary Abdul Majeed, Korean Ambassador to Islamabad and other government functionaries.
According to details, the construction on the Patrind Hydropower Project would start in March 2012.
The project with a production capacity of 147 MW (632 million units annually) would take four years to complete. As per the agreement the Star Hydro will finance 25 per cent, whereas 75 per cent of the total budget (400 dollars) would be contributed by the international monetary organizations including Korean Ban, Asian Development Bank, International Finance Corporation and Islamic Bank. The project would be handed over to the Government of PaK after 30 years.
Speaking on the occasion, the PaK premier while terming it a project of great importance said it would help overcome the energy crises in the country.
He said the project would also generate economic activities in the region.
Stressing the need for time-bound completion of the project, the PM said his government would provide all necessary support to the company to get the project completed within the time-frame
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