Daily Times

The Government of Khyber Pakhtunkhwa (GoKP) issued three letters of intent (LOIs) to EnerTech Holding a State-Owned Entity of Kuwait during a ceremony held here in the Chief Minister’s House on Tuesday.

EnerTech Holding had signed multiple memorandums of understanding (MoUs) with the GoKP at Dubai Expo 2020 including the development and implementation of green hydrogen, urban development, food processing and integrated tourism zones (ITZs).

The ceremony was held to issue LOIs on green hydrogen and urban development projects.

Chief Minister Khyber Pakhtunkhwa Mahmood Khan was chief guest on the occasion while Provincial Minister for Finance, Taimur Salim Jhagara, Special Assistant to KP CM on Information, Barrister Muhammad Ali Saif, Special Assistant on Industries & Investment, Abdul Karim, Additional Chief Secretary Shahab Ali Shah, Chief Executive Officer (CEO) KPBOIT Hassan Daud Butt, CEO EnerTech Holding Abdullah Al-Mutairi, Chairman Pak-Kuwait Investment Company Mohammad A.M. Al-Fares and other relevant officials attended the ceremony.

The purpose of the endures of the provincial government was the promotion of new avenues of renewable energy and alternative fuels sources and achieve sustainable urban growth in the province

The Kuwaiti company will invest $250m on establishing two green hydrogen projects on run-of-the-river hydel plants of Pakhtunkhwa Energy Development Organization (PEDO) to produce green hydrogen and green ammonia.

The proposed project sites include 84MW Matiltan hydropower project and 69 MW Lawi hydro power project. The company will also invest $750m to build a Satellite and Smart City at Khanpur by taking into account a range of aspects relevant to well-being, including affordability, environmental and economic impacts.

The project on completion was expected to bring huge investment and generate economic activities in the province. Speaking on the occasion, the chief minister said that the Khyber Pakhtunkhwa government had signed 44 MoUs worth 8b dollars with foreign investment companies at the recently held Dubai Expo 2020. He added that, in pursuance of MoUs, investment of Kuwait investment company in the province was laudable.

The chief minister appreciated the administration of EnerTech Holding, Kuwait investment company, for making huge investment in the province and said that the provincial government would extend all out support to the company. Kuwaiti investment would open new avenues of foreign investment, he added.

He said that green hydrogen plants projects would prove to be a milestone in promoting environment friendly energy while establishment of satellite and Smart city would provide a base for sustainable urban development.

Mahmood Khan said that the provincial government was ensuring provision of all facilities and services to foreign investors under the same roof adding that there was a complete investment friendly environment in the province.

The provincial government was working under a well devised strategy to create job opportunities for people by promoting foreign investment, he concluded.