Business Recorder/27-07-2020

ISLAMABAD: PESHAWAR: The Khyber Pakhtunkhwa government will start construction work on 300 megawatts Balakot Hydro Power Project with the assistance of Asian Development Bank (ADB) during the current financial year. Approval for the appointment of consultant for initiating practical work on the power project was accorded at the 48th meeting of Provincial Energy Development Organization (PEDO). The meeting was told that after proper tendering process approval for the agreement for the project has also been obtained. The meeting also approved a new service structure for PEDO employees in a bid to bring reforms in the organization. He said this gigantic project would be completed within seven years of time with an estimated cost of USD 722 million e.g. Rs 87 billion. He further informed that 80 percent of the total amount e.g. 580 million dollars will be provided by the Asian Development Bank while the provincial government will provide rest of expenditures from its own resources. The project on completion will help earn 33 million dollars annually, Engineer Naeem said. The meeting granted approval for appointing consultants for Balakot Hydro Project.