Islamabad, In a significant advancement for energy collaboration, Pakistan and Saudi Arabia have formalized loan agreements to finance two key hydropower projects, marking a pivotal step in enhancing Pakistan’s renewable energy infrastructure and underscoring the collaborative spirit between the two nations.

According to Ministry of Information and Broadcasting, the meeting between the Saudi Fund for Development delegation and Pakistan’s Minister for Economic Affairs Ahad Khan Cheema culminated in the signing of loan agreements for the Shounter and Jagran IV Hydropower Projects. Specifically, the agreements allocate sixty-six million dollars for the Shounter Hydropower Project, with a capacity of 48 megawatts, and forty-one million dollars for the Jagran IV Hydropower Project, which is expected to produce 22 megawatts.

These projects signify a strategic move towards leveraging renewable resources to meet Pakistan’s growing energy needs while reducing dependency on non-renewable energy sources. They also reflect the ongoing commitment of both Pakistan and Saudi Arabia to foster sustainable development and environmental conservation through strategic partnerships and financial cooperation.

The implementation of these projects is anticipated not only to bolster Pakistan’s power generation capacity but also to contribute significantly to the country’s economic and social development by creating job opportunities and promoting regional development.