Islamabad: The cabinet has approved a 1.2 billion Saudi Riyal (SAR) deal with the Saudi Development Fund for water and power projects in Pakistan, according to a news report. This approval covers the signing of multiple deals in the water and power sectors with the Saudi delegation visiting this weekend.
A summary for a Memorandum of Understanding (MoU) worth SAR 1.207 billion between the two countries was placed before the cabinet. It outlined funding proposals for five power projects, as per the following arrangement:
Diamer-Bhasha Dam (to receive SAR 377.5 million)
Mohmand Dam (SAR 300 million)
Shounter Hydropower Project (SAR 240 million)
Jamshoro Power Project (SAR 153.7 million)
Jagran Hydropower Project (SAR 131.2 million)
This agreement will be signed along with eight other MoUs related to different sectors of the national economy. Information Minister Fawad Choudhary also revealed that an MoU worth USD 8 billion for the development of an oil refinery in Gwadar will also be signed.
