GILGIT: The Gilgit-Baltistan government on Tuesday signed its first public-private partnership (PPP) agreement with the Industrial Promotion Service, a commercial arm of the Agha Khan Development Network (AKDN), to build the first run-of-river power project in GB.
Mansoor Dhanani, CEO NPAK (Industrial Promotion Services), and GB secretary water andpower Sajjad Haider signed the agreement here.
GB caretaker Chief Minister Mir Afzal, the chief secretary, director NPAK IPS, and other officials were present.
Waqar Abbas Mondoq, adviser finance to the GB caretaker government, told mediapersons that private sector’s engagement was pivotal for development in GB. He added if the project got successful the government would replicate the future projects on the same model.
He said the GB had potential to produce over 45,000MW of hydroelectricity.
“This milestone will unlock the massive opportunities available in this region. The Gilgit-Baltistan government will facilitate the private sector investments in GB,” Mr Mandoq said.
He said due to no legal cover provided to the private sector investments, the region didn’t have any large-scale investments. The PPP will now be provided legal framework to facilitate large-scale investment in the region, he added.
The finance advisor said more investment would be routed to the region through PPP mode in tourism and other sectors.
