| Welcome to Global Village Space

Sunday, February 18, 2024

Pakistan launches first green Eurobond to ensure water security

The bond has been floated to meet the financial needs of construction of Diamer Bhasha and Mohmand dams.

Prime Minister Irman Khan on Monday formally launched the country’s first green Eurobond, called Indus bond, by Water and Power Development Authority (Wapda) for 10 years to raise $500 million at a competitive price of about 7.5 per cent interest rate.

The prime minister lauded Chairman Wapda and his team for the landmark achievement of securing bonds in international market, at a launch ceremony held at the PM House.

The bond has been floated to meet the financial needs of construction of Diamer Bhasha and Mohmand dams.

Imran Khan expressed satisfaction over the interest of leading international investors in Pakistan’s green Eurobond, saying it reflected their confidence in the government and Wapda.

He lauded Wapda for the fast pace of construction of dams, which he said was vital to produce clean energy for green environment and save the coming generations.

Work on Diamer-Bhasha Dam

Water and Power Development Authority (Wapda) Chairman Muzammil Hussain visited the Diamer-Bhasha and Dasu Hydropower Project sites to review their progress. During his visit to the Diamer Bhasha Dam, the chairman was briefed that construction work on eight different sites in the project area was underway. The construction sites included access tunnel, access roads, upstream and downstream cable bridges.

Appreciating the progress, Hussain said that the construction work on Diamer-Bhasha dam is progressing despite the pandemic, which has severely affected the whole world.

Read more: Pakistan’s Kalabagh Dam and a series of unfortunate events

Diamer-Bhasha Dam is a concreted-filled gravity dam, in the preliminary stages of construction, on the River Indus between Kohistan district in Khyber Pakhtunkhwa and Diamer district in Gilgit Baltistan, Pakistan administered Kashmir.

Diamer Bhasha Dam is regarded as one of the most vital projects for ensuring water sustainability in Pakistan. Pakistan, an agro-based economy, heavily dependent upon its agricultural produce for exports cannot afford a scarcity of water. The South Asian nation sticks its hopes on the Diamer Bhasha dam to ensure food and energy security of Pakistan.

APP with additional input by GVS News Desk