US pledges $ 200 million to finance initial work on Diamer Bhasha Dam

WASHINGTON, Dec 6 (via APP): The United States has pledged to finance Pakistan’s multi-billion Diamer Bhasha Dam project, Finance Minister Abdul Hafeez Shaikh disclosed here Wednesday evening at the conclusion of a series of meetingswith American officials on advancing bilateral economic cooperation.Dr. Shaikh said the U.S. would provide $ 200 million for completion of preliminary work on the multi-year power generation and water conservation project, which is likely to cost in excess of $ 10 billion.He dismissed the impression that the Asian Development Bank had backed out of its commitment to finance the mega project. The ADB and the United States would finance feasibility study, surveys and consortium formation for the dam,to be built in Gilgit-Baltistan in an estimated 8-10 years, he told Washington-based Pakistani journalists.Pakistan, the finance minister said, would complete land survey,feasibility and land acquisition processes to pave the way for construction of the dam.

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Posted by Kashif Mirza on Dec 7 2012. Filed under World. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.