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China Three Gorges Corporation, International Finance Corporation (IFC), an arm of World Bank, and Silk Route Fund would establish a fund for Pakistan titled South Asia Investment Fund (SAIF) which will provide funding for 4500 MW Diamar Bhasha Dam, well informed sources told Business Recorder.
The representatives of the three institutions will sign shareholding agreement on April 22, 2015 in the Presidency which will be witnessed by President Mamnoon Hussain. It is unclear how much share the three institutions will have in the SAIF.
According to sources, the representatives of the three institutions will arrive in Pakistan on Monday (today) when the Chinese President would also be in the capital. However, the shareholding agreement will be signed after the departure of Chinese President.
"It will be a big event and very important from Pakistan''s perspective," the sources continued.
The sources said, China Three Gorges Corporation will sign a non binding MoU with Water and Power Development Authority (Wapda) for construction of Diamar Bhasha Dam and other mega projects to be funded from SAIF.
Wapda, sources said, maybe unaware of the new Fund for Pakistan which analysts state implies that the matter is being dealt with by the Ministry of Water and Power.
China Three Gorges Corporation has shown an interest in developing hydel resources of Pakistan. However, the details of the project assistance will be in accordance with the law and opportunities will be given to all potential parties. It cannot be given to the Three Gorges by depriving others under the law. "We will encourage the Chinese to invest in development of hydel resource of Indus cascade," the official maintained.
Wapda, sources said, has also prepared a policy to develop hydel resources expeditiously which is yet to be approved by the Economic Coordination Committee (ECC) of the Cabinet.
China Assistant Foreign Minister said last week that China does not plan to use either its new Asian Infrastructure Development Bank (AIIB) or Silk Road fund to finance the $46 billion Pakistan-China Economic Corridor, and the funds would come from the two countries instead.
4500MW Diamar Bhasha Dam project: South Asia Investment Fund being established | Business Recorder
The representatives of the three institutions will sign shareholding agreement on April 22, 2015 in the Presidency which will be witnessed by President Mamnoon Hussain. It is unclear how much share the three institutions will have in the SAIF.
According to sources, the representatives of the three institutions will arrive in Pakistan on Monday (today) when the Chinese President would also be in the capital. However, the shareholding agreement will be signed after the departure of Chinese President.
"It will be a big event and very important from Pakistan''s perspective," the sources continued.
The sources said, China Three Gorges Corporation will sign a non binding MoU with Water and Power Development Authority (Wapda) for construction of Diamar Bhasha Dam and other mega projects to be funded from SAIF.
Wapda, sources said, maybe unaware of the new Fund for Pakistan which analysts state implies that the matter is being dealt with by the Ministry of Water and Power.
China Three Gorges Corporation has shown an interest in developing hydel resources of Pakistan. However, the details of the project assistance will be in accordance with the law and opportunities will be given to all potential parties. It cannot be given to the Three Gorges by depriving others under the law. "We will encourage the Chinese to invest in development of hydel resource of Indus cascade," the official maintained.
Wapda, sources said, has also prepared a policy to develop hydel resources expeditiously which is yet to be approved by the Economic Coordination Committee (ECC) of the Cabinet.
China Assistant Foreign Minister said last week that China does not plan to use either its new Asian Infrastructure Development Bank (AIIB) or Silk Road fund to finance the $46 billion Pakistan-China Economic Corridor, and the funds would come from the two countries instead.
4500MW Diamar Bhasha Dam project: South Asia Investment Fund being established | Business Recorder
