ISLAMABAD: The Saudi Fund for Development has pledged $101 million for a hydropower project in Azad Jammu and Kashmir, set to add 70 megawatts of electricity to Pakistan’s national grid, ARY News reported.
This initiative is part of the Clean and Green Energy mission of the Special Investment Facilitation Council (SIFC), which aims to boost eco-friendly energy production through hydro and solar power.
In addition to the hydropower project, a US company has established a GW3 solar panel plant in Karachi. This facility will aid in the manufacturing of solar panels and electric vehicles, furthering the country’s clean energy capabilities.
The World Bank has also sanctioned a $150 million clean energy project in Pakistan, contributing to the country’s efforts to overcome its energy crisis and increase production capacity.
The federal government has formed the Cabinet Committee on SIFC to ensure the implementation of recommendations within the SIFC framework. The committee, chaired by Prime Minister Shehbaz Sharif and including the army chief, chief ministers, and a national coordinator, will submit its decisions to the federal cabinet for approval.
