France, Pakistan sign credit facility, grant agreements


ISLAMABAD, JUL 19 (DNA)- . Noor Ahmed, Secretary of Economic Affairs Division (EAD),  Marc Baréty, Ambassador of France, and Jacky AMPROU, Country Director of the French Agency for Development (AFD), signed the Credit Facility Agreement worth Euros 50 million and the Grant Agreement worth 0.2 million Euros to finance the Rehabilitation of Chitral and Dargai Hydropower Plants.

This funding will allow the modernization of the two hydropower plants, as well as the upgrading of their generation capacity from 20MW to 22MW for Dargai HPP and from 1MW to 5 MW for Chitral HPP.

The main objective of the Project is to provide adequate facilities for the generation, transmission, and distribution of energy to meet current and future needs of Chitral and Malakand regions. This will also result in industrial, agricultural and Economic Development of the regions.

The project will contribute to the Government of Pakistan’s strategy to develop green energy, reduce green house gasses emission which is very much aligned with French Government’s agenda of promoting climate friendly projects.

France, through the French Agency for Development, is providing technical and financial support in energy and urban development sector in Pakistan, where Euros 610 million financial support has been committed since 2016.=DNA