Daily Times

PESHAWAR: Corporate commercial financing has been launched in Khyber Pakhtunkhwa to enable rapid construction of ongoing energy projects in the province.

According to an official handout issued here on Wednesday. Pakhtunkhwa Energy Development Organization (PEDO), a subsidiary of the Energy and Power Department has entered into an agreement with commercial banks i.e. Habib Bank Limited and Bank of Khyber as a corporation, through which Rs 7.2 billion has been allocated for ongoing Energy Projects in the province. Funds for the projects will be increased by obtaining loans under the financial facility.

The signing ceremony of the agreement between PEDO and Commercial Banks was held at PEDO House, Peshawar. Representatives of Habib Bank and Khyber Bank including Provincial Minister for Finance and Health Taimur Saleem Jhagra, Secretary Energy and Power Syed Imtiaz Hussain Shah, Chief Executive PEDO Engr. Naeem Khan and UK Aid Funded Sustainable Energy & Economic Development (SEED) Program and Bridge. Factor Advisors also attended the ceremony.

PEDO in the Province has the honour to borrow Rs. 7.2 billion from commercial banks for the first time through commercial financing to enable expeditious completion of ongoing energy projects as a corporate to repay the proceeds from the projects.

On this occasion Provincial Minister for Finance and Health Taimur Saleem Jhagra has said that PEDO would start work on another 1200 MW Power Projects in the next few years. He added that PEDO is working for the generation of affordable and environmentally friendly electricity in the Province while the wheeling model will be expanded for the development of the industrial sector and employment generation.

Speaking at the event, Provincial Minister Taimur Saleem Jhagra said the agreement would make PEDO emerging as a financially independent entity, which would have a positive impact on the company’s performance.

Secretary Energy Syed Imtiaz Hussain Shah and Chief Executive Office PEDO Engr. Naeem Khan thanked the guests and said that Khyber Pakhtunkhwa is an energy rich province.

PEDO is working hard on a number of projects to generate cheap electricity from water in the Province. The ongoing projects of PEDO are generating billions of rupees annually for the province.

They reiterated that the completion of ongoing energy projects would be possible as soon as possible through commercial financing which would have a profound positive impact on the economy of the province.