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Funds for mega dams

Pak delegation in Saudi Arabia for crucial talks

By Khalid Mustafa

ISLAMABAD: In a major development, Pakistan has formally kicked off crucial negotiations with Saudi Arabia and the Islamic Development Bank (IDB) to seek financing of billions of dollars required for the mega dams that include Basha, Kalabagh, and Akhori, sources in EAD (Economic Affairs Division) told The News.

"The main reservoirs for which the funding will be negotiated include Kalabagh dam that is to cost $6 billion, Basha $6.5 billion, and Akhori $3.8 billion," sources said.

A team of officials from Pakistan headed by Kahlid Saeed, EAD Secretary, is currently on a five-day visit, from February 12 to February 17, to Saudi Arabia and hectically engaged in negotiating maximum financing for the projects of paramount importance that will play pivotal role not only for enhancing water storage capacity but also for increasing the capacity to generate electricity.

According the sources Riaz A Khan, Adviser to the Ministry of Water and Power is also accompanying the delegation. The sources said that during the recent visit of King Abdullah of Saudi Arabia, Pakistan had sought financing for the mega dams of Basha, Kalabagh, and Akhori.

King Abdullah had assured President Musharraf of maximum help in this regard and asked the Pakistan government to send a teaam to negotiate with Saudi Fund and Islamic Development Bank. Pakistan’s delegation is currently in Saudi Arabia where the delegation will hold talks.