IFC/World Bank Board approves financing for 108 MW Gulpur Hydropower Project

Islamabad, January 23, 2015 (PPI-OT): The IFC / World Bank Board has accorded approval for financing the 108 MW Gulpur Hydropower Project to be located at Poonch River, District Kotli, AJK. A high level delegation of the IFC/World Bank here on Friday met the Finance Minister having in depth exchange of views on various WB sponsored development projects.

Finance Minister, Ishaq Dar lauded the WB Board’s decision regarding the Gulpur Power project which he said was part of government’s efforts to generate affordable energy to meet the future requirements. He appreciated WB’s continued support for different projects specially the 4,200 mw Dassu Hydropower Project which he said would greatly help alleviate the energy problem.

The Minister further said that as Pakistan had become eligible for IBRD economic package after achieving the 15 billion dollar forex reserves mark, there would be further expansion in WB’s project funding in Pakistan. Another World Bank team earlier had a meeting with senior officials of the Finance Ministry Friday morning. During the meeting the performance of the National Income Support Programme was discussed.

The delegation expressed satisfaction on the improved NISP performance saying fiscal discipline enforced by the present government had led to the improved functioning of NISP. The delegation hoped that with increased funding NISP would better reach out to poor segment of the population.

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