The kingdom of Saudi Arabia (KSA) on Wednesday assured to provide Rs 37.4 billion for Mohmand Hydropower Project for the development of the power sector. Ambassador of the Kingdom of Saudi Arabia in Pakistan, Nawaf bin Saeed Al-Malkiy called on the Federal Minister for Economic Affairs, Omar Ayub Khan in his office. The Saudi Ambassador apprised the Minister for Economic Affairs about the successful visit of the Prime Minister of Pakistan to Saudi Arabia and shared its outcomes, said a press release issued by the Ministry of Economic Affairs here. During the meeting, the Saudi Ambassador informed that Saudi Fund for Development (SFD) has approved 901 million Saudi Riyal (Rs. 37.4 billion) for Mohmand Hydropower Project. The SFD has approved this financing at highly concessional terms with 2 percent interest rate and 25-years repayment period. This dam will be constructed on Swat River in District Mohmand of Khyber Pakhtunkhwa Province and generate 800MW of electricity. It will also irrigate 16,000 acre land and boost agriculture productivity in the region.