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Ambassador of European Union calls on Dar

Ambassador of European Union calls on Dar

ISLAMABAD: Mr. Lars-Gunnar Wigemark, Ambassador European Union called on Finance Minister Senator Mohammad Ishaq Dar at his office.

Mr. Lars-Gunnar Wigemark while talking to Finance Minister said that the European Union supports the policies being pursued by the present government and was committed to expand economic ties with Pakistan.

During the meeting, the Ambassador informed the Finance Minister that the European Investment Bank was willing to invest 100 million Euros in the construction of a 128MW Keyal Khawar Hydro Power Project to be constructed in Khyber Pakhtunkhwa on concessional terms.

The Keyal Khawar Hydropower Project which is estimated to cost 230 million Euros was already being financed by German Bank KFW to the extent 97 million Euros.

The Finance Minister said that one of the top priorities of the present government was to increase power generation and produce cheap electricity in the country.

The Finance Minister said that under the new energy policy the government plans to set up power generation units using low cost fuels including renewable resources.

The Finance Minister appreciated the assistance being provided by the European Union in the energy sector and expressed the confidence that EU would also keenly explore assistance in other energy projects in the country.