ISLAMABAD: Pak Tech Now reported on Saturday that Saudi Asset for Improvement (SFD) has announced a $240 million agreement to support Pakistan's multifunctional Mohmand Dam project.
To support the Mohmand Multipurpose Dam Venture, the government has signed a $240 million acknowledgment game plan for the Saudi Asset for Improvement. (SFD).
According to a claim made by SFD, the organisation of the realm that aids in improving emerging nations, the Mohmand Multipurpose Dam Project will boost water and food security as well as the standard of living for residents in the Khyber Pakhtunkhwa province.
The undertaking, which is financed somewhat by the SFD, OPEC, the Islamic Advancement Bank, and the Kuwait Asset for Middle Easterner Monetary Turn of events, is in accordance with a portion of the Unified Countries Practical Improvement Objectives. (SDG). Food security, clean water, and clean energy are instances of these.
As per the assertion, the venture will impact Pakistan's energy and water areas.
"By using sustainable power sources, the venture will create 800 MW of power, adding to Pakistan's energy security," expressed SFD.
Moreover, the capacity of 1.6 million m3 of water will uphold reasonable rural practices, permit water system of 6,773 hectares of new land, and raise the generally editing region in the area from 1,517 hectares to 9,227 hectares, facilitating agrarian exercises.
The understanding was endorsed by SFD President King Abdulrahman Al-Marshad and Dr. Kazim Niaz, Pakistan's Government Secretary for the Service of Monetary Issues.
During the arrangement marking service, the Chief of SFD underlined KSA and Pakistan's solid creating joins.
CEO of SFD Ruler Abdulrahman Al-Marshad and Government Secretary for Monetary Issues Dr. Kazim Niaz both endorsed the agreement, while Saudi Envoy to Pakistan Nawaf bin Said Al-Malki was also introduced at the ceremony.
According to press statements, the dam will improve the nation's energy security, increase the amount of usable water available for agribusiness and human consumption, and further increase flood resilience.
This credit focuses on key areas where Saudi Arabia and Pakistan can work together to advance a favourable turn of events and achieve reasonable improvement objectives.
The Mohmand Dam project will improve food and water security, in addition to improving the quality of life for people in the Khyber Pakhtunkhwa Region, where 80% of the population now lives in rural areas.
The project embodies SDG-17 and is in line with SDG-2 (Food Security), SDG-6 (Clean Water), and SDG-7 (Clean Energy).It will also support financial improvement by creating job opportunities and lowering poverty levels. (Organisations for the Objectives)
The project will generate about 800 MW of power using green energy, enhancing Pakistan's energy security. Additionally, the 1.6 million square feet of land with water capacity will support practicable agricultural methods, facilitate the water system for 6,773 hectares of new land, and increase region’s absolute altering region from 1,517 hectares to 9,227 hectares.
The President of SFD highlighted areas of strength for relations between Saudi Arabia and Pakistan during the understanding marking ceremony and highlighted the significance of combined involvement between improvement assets, as confirmed by this undertaking. He further emphasised that this push is an expansion of SFD's ongoing assistance for improvement activities and projects in Pakistan.
In Pakistan, the SFD has so far invested in 41 improvement projects and ventures totalling about $1.4 billion. In order to aid Pakistan’s economy, the SFD would also invest more than USD 5.4 billion between 2019 and 2023 in oil subsidiaries.
Nearly 80% of the population of Khyber Pakhtunkhwa lives in rural areas, so the Mohmand Multipurpose Dam Project will improve food and water security as well as people's quality of life. This will support the region's economic development by creating business opportunities and lowering poverty levels. The job aligns with SDG-2 (food security), SDG-6 (clean water), SDG-7 (clean energy), and SDG-17 (sustainable development goals). Associations for the Objectives
The project, which is backed by OPEC, the Islamic Improvement Bank, the Kuwait Asset for Bedouin Monetary Turn of Events, and the Saudi Asset for Improvement, is expected to have an overall impact on Pakistan's water and energy sectors. The project will increase Pakistan's energy security by producing up to 800 MW of power through the use of ecologically friendly power sources. Additionally, the 1.6 million m3 of water capacity will support cost-effective horticultural methods, enhance the water system for 6,773 hectares of new land, and increase the total trimming area from 1,517 hectares to 9,227 hectares in the region while assisting with rural activities.
The Chief of SFD highlighted areas of strength for the ties between the Islamic Republic of Pakistan and the Kingdom of Saudi Arabia during the arrangement marking service. According to this mission, the Chief also highlighted what it meant for advancement assets to work together. Additionally, he stressed that this programme is an outgrowth of SFD’s long-standing support for projects and activities aimed at improving Pakistan since its foundation.
Up to this point, SFD has contributed roughly $1.4 billion to 41 improvement tasks and projects in Pakistan. Additionally, SFD has supported oil subordinates worth more than USD 5.4 billion between 2019 and 2023 to support Pakistan's economy. This is a continuation of the assistance provided by the Public Authority of Saudi Arabia to the considerate nation of Pakistan to create a sustainable economy.
Dr. Kazim Niaz expressed his sincere gratitude and appreciation to the Kingdom of Saudi Arabia for its steadfast support of Pakistan's improvement efforts through the SFD. He recognised the realm's crucial commitment to funding the necessary effort and emphasised its importance in creating favourable formative impacts on Pakistan and its relatives. Utilising environmentally friendly energy would improve water and food security by enabling affordable energy and water supplies. Dr. Niaz praised the Kingdom of Saudi Arabia's reform efforts through SFD, which began around 1976 and led to extraordinary social development and sustainably prosperous economic growth.
Since 1975, the SFD has also supported 76 energy-related development initiatives and projects in African and Asian countries, including 33 initiatives and projects for African countries, 42 initiatives and projects for Asian countries, and one project for Latin American countries. The SFD also contributed to the development of 35 projects totaling 35 sustainable power sector undertakings in 23 non-industrial countries worldwide.
