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| 660-MW Jamshoro coal power plant: $172m credits dropped on GoP supplication |
ISLAMABAD: Islamic Development Bank (IsDB) and OPEC Fund are said to have dropped credits adding up to $ 172 million for 660-MW Jamshoro coal power plant on the solicitation of Government of Pakistan(GoP), very much informed sources in EAD told Business Recorder.
IsDB has given a reference of Economic Affairs Division (EAD) letter of October 18, 2021, in which the last option conveyed solicitation of the public authority of Pakistan (GoP) to drop $ 100 million financing for the Jamshoro Coal Power Plant Project (Lot-II).
As indicated by IsDB's Officer Inchage, Hammad Hundal, Jamshoro project was supported by the Bank on April 11, 2019 and the financing arrangement was endorsed on November 22, 2019 yet the task was never pronounced powerful since all expected adequacy conditions were not satisfied. Accordingly, no payment has been made against the undertaking.
IsBD is of the view that in accordance with the solicitation of GoP, it is giving warning of the dropping of full measure of the initially supported financing of $ 100 million for the task and will refresh the frameworks and portfolio data as needs be.
In the mean time, Director General, OPEC Fund, Abdulhamid Alkhalifa, in a letter to Secretary EAD, Mian Asad Hayaud Din, expressed that credit settlement on Jamshoro coal-terminated power plant was endorsed on February 25, 2020 however not been announced compelling.
As indicated by Director General OPEC Fund, EAD (GoP) has additionally informed the Fund through a letter on October 18, 2021 that it has chosen to end the venture because of huge difficulties and ecological worries connected with the task.
OPEC Fund, in its letter of November 8, 2021, educated the Government regarding Pakistan that the credit arrangement adding up to $ 72 million stands dropped, powerful from the date of this letter (November 9, 2021).
"We note Pakistan's solicitation to redistribute the financing for this venture to Mohmand Dam Hydropower Project. Our functional group is right now thinking about this venture with interest and will contact EAD," said, Director General, OPEC Fund, in his letter to Secretary EAD.
On February 3, 2022, EAD informed Power Division and its connected associations about crossing out of credit arrangements adding up to $ 172 million for Jamshoro coal terminated power plant project Lot-II.
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