Achi news desk-
Islamabad (Newsdesk) Saudi Arabia has taken an important step in the development work in Azad Kashmir, where the Gulf state will finance 2 hydropower projects in Azad Jammu and Kashmir.
According to Arab News, the agreement has been signed by the Saudi Development Fund, the delegation was chaired by CEO Sultan bin Abdul Rahman Al Murshid, who represented Saudi Arabia.
The delegation visited Azad Kashmir and signed an agreement for financing Shounter and Jagran 4 confidence power projects.
The two projects will add 70 megawatts to the national grid. According to official sources, the Shounter Hydro Project will provide 48 megawatts of electricity to the National Grid at a cost of $66 million, while the Jagran 4 Hydro Project will provide 22 megawatts of electricity at a cost of $41 million.
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Recently, Pakistan and the Saudi Development Fund have agreed to increase cooperation in various projects in the fields of engineering, health, education and infrastructure.
Pakistan Economic Affairs Division Secretary Dr Kazim Niaz says that a framework agreement has already been reached between us and the Saudi Development Fund.
However, a number of future projects have been discussed, in which the Saudi fund has shown interest.
After China, Saudi Arabia is the second country that is going to work regularly with Pakistan on projects in Azad Kashmir.
The work on Dasu, Bhasha Dam by China is going on, Chinese engineers and citizens are working on projects in this regard.
It should be remembered that India considers Azad Kashmir as a disputed territory and prevents the international community from cooperating or investing with Pakistan here.
After Saudi Arabia’s interest, India’s position will face defeat in the Gulf states.
