Peshawar: The Khyber Pakhtunkhwa government is expected to start work on the Balakot Hydropower project during the remaining months of this year, a news source reported.
The project will be completed with financial assistance from the Asian Development Bank (ADB). Secretary Energy and Power department Sarfaraz Durrani told a meeting that the project would be built at a cost of USD 722 million.
Of this figure, 80% of the amount would be paid by the Asian Development Bank (ADB), while the remaining cost will be borne by the provincial government.
The project will be completed in seven years of the stipulated time and the government is expected to generate a revenue of PKR 33 million annually after its completion.
The meeting was also attended by Asian Development Bank (ADB) Energy Experts Adnan Tareen, Nail Valiyev, and Rafayil Abbasov; Additional Secretary Energy Iftikhar Khan Marwat; Chief Planning Officer Zainullah Shah; and others.
The meeting also decided that the consultant and project director for the project would be appointed soon.
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