Ghazi Barotha finds financing
The World Bank has approved a (US)$350 million loan, completing the financing for the (US)$2.25 billion Ghazi Barotha hydropower project in Pakistan. The project has financing from Japan, (US)$350 million; the Asian Development Bank, $300 million; the European Investment Bank, $150 million; Germany, $150 million; the Islamic Development Bank, $40 million. The Water and Power Development Authority of Pakistan will contribute (US)$1 billion in local and foreign currency. The 1,450-MW project, sited on the Indus River downstream from the existing Tarbela Dam, is expected to add 6,600 MWh to the national grid annually, helping to reduce electricity tariffs that have been rising due to expensive thermal power–currently providing 52 percent of total electricity, up from 30 percent in the 1980s. Approximately 900 people must be moved and more than 100 houses vacated before construction.