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Publish Date : 17-Mar-2017

The International Finance Corporation (IFC), an arm of the Washington-headquartered World Bank, has made an announcement on its investment strategy worth $100 million involving a hydropower project in Pakistan.

The global donor has announced that the planned investment, which marks the Corporations biggest ever venture in any hydroelectric power project so far, is intended for supporting the development of the 720MW Karot run-of-river hydropower project on the Jhelum River in the Asian country.

The IFC has further disclosed that this investment also reflects its inaugural project finance engagement with the leading global renewable energy firm China Three Gorges Corporation (CTGC).

The IFC in the year 2015 bought a stake of 15% in CTGCs renewable power unit in Pakistan - China Three Gorges South Asia Investment Limited.

The Corporation had made the investment in CTGCs Pakistani unit in order to assist in the development of a string of renewable power projects in the energy-starved nation of Pakistan, which are anticipated to power over 11 million people.

Pakistan has been facing extensive power cuts for more than six hours on a daily basis on average due to huge amount of shortages of electricity and this has been a big hindrance to the economic growth and development of the country.

The Karot hydropower facility is being set up with an investment of $1.7 billion and it is expected to start operations in five years.

Once operational, the plant is expected to annually produce 2970GWh of energy for Pakistan.

The IFC so far has made cumulative investment pledge worth more than $5.6 billion for Pakistan, reflecting its second-biggest involvement in the Middle East and North Africa (MENA) region.

The IFC has extended its supports to several hydropower plant projects in the Jhelum-Poonch Watershed, with a combined capacity of around 2750MW. Apart from this, the global donor has been delivering advisory services for river basin management and biodiversity risk mitigation in Pakistan.

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