Karachi: The China Development Bank (CDB) has pledged funds worth USD 262 million for the construction of a coal-fired power plant in Thar, a news source reported. The bank would cover more than half of the estimated cost of the 330MW project.
An agreement to this effect was signed between the bank and equity partners of Thar Energy Limited (TEL), a company set up for coal power projects.
The 330MW energy project worth USD 520 million is being financed by a consortium of business leaders and ventures from Pakistan and China such as HUBCO, which has 60% stake in the project. Fauji Fertilizer Company owns 30% of the shares, while China Machinery Engineering Corporation owns the remaining 10%.
Construction work on the project had started in May this year, and the project would be completed by March 2021. The consortium is being led by CDB and Habib Bank Limited (HBL).
