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Pakistan's Neelum Jhelum hydropower project receives OPEC backing

Neelum River

The OPEC Fund for International Development (OFID) has agreed to provide a US$50 million loan to Pakistan for the country's 969-MW Neelum Jhelum hydropower plant.

The funding is only the latest announced for the Pakistani Water and Power Development Authority (WAPDA) project, which has also recently received cash infusions by issuing term finance certificates and signing a loan agreement with Saudi Arabia.

HydroWorld.com has previously reported that Pakistan hopes to expedite Neelum Jhelum's construction. Prime Minister Muhammed Nawaz Sharif said earlier this month that he hopes the plant is generating power by the end of 2015.

The project has sparked controversy throughout its development as a number of Indian parties have said its construction violates terms of the 1960 Indus Water Treaty.

For more news from Asia, visit here.

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