By Karim Madad ISLAMABAD, March 24 (INP WealthPK): The Government of Pakistan (GoP) and Islamic Development Bank (IsDB) have signed framework agreements amounting to $180 million for Mohmand Dam Project. Saeed Chaudhry, spokesman for Economic Affairs Division, told WealthPK that in this connection, Dr. Muhammad Al Jasser, President IsDB, Jeddah, Kingdom of Saudi Arabia, called on Omar Ayub Khan, Minister for Economic Affairs, and discussed the matters of mutual interest. He further informed that both sides discussed the ongoing and future economic cooperation, and agreed to continue with technical and financial assistance to Pakistan. Dr. Jasser is in Islamabad on a three-day visit to attend the 48th Session of the OIC Council of Foreign Ministers. During the meeting, the Economic Affairs Division, Government of Pakistan, and IsDB signed three framework agreements for a cumulative amount of $180 million in order to provide financing for Mohmand Dam Project. The financing agreements were signed by Mian Asad Hayaud Din, Secretary Economic Affairs Division, and Mohammad Jamal Al Satti, Special Adviser to the President, IsDB. The signing ceremony was witnessed by Dr. Jasser, and Omar Ayub Khan, Minister for Economic Affairs. The representatives of Ministry of Water Resources and Water and Power Development Authority (WAPDA) were also present at the occasion. Mohmand Dam Project is a multi-purpose concrete faced rock-fill dam being constructed on Swat River located at a distance of about 48km from Peshawar and 5km upstream of Munda Headworks in Mohmand district of Khyber Pakhtunkhwa. This project, in addition to generating 1,300MW electricity, will enhance Pakistan’s water storage capacity by 1,293-million-acre feet (MAF). It would also provide food security buffer, provide 13.32 cubic of clean drinking water to the residents of Peshawar city and create more than 6,000 direct new employment opportunities for the local people. Referring to the agreements, Dr. Jasser stated that the IsDB takes pride in working alongside its partners to support Pakistan in a strategic project of national importance. “We are working with other partners from the Arab Coordination Group along with one of the most experienced authorities in Pakistan, WAPDA, to develop a multi-purpose dam that will not only enhance energy and water supply, but also the livelihoods of the local communities and better protect them against floods,” he said. “The signing of the framework agreements for Mohmand Dam is a testimony to the continuity of the strong partnership between Pakistan and IsDB Group, in alignment with the country’s priorities and our own commitments to allocate more financing to climate-friendly projects,” he said. “We are looking forward to ensuring smooth implementation of the project and we hope to witness its operation in due time,” he remarked. Omar Ayub Khan recognized the IsDB’s longstanding and trusted partnership with Pakistan since its inception and its cumulative financing of $14.5 billion in diverse sectors such as energy, finance, transportation, education and health. He further acknowledged the IsDB’s co-financing amounting to $180 million for Mohmand Dam Project which would significantly enhance Pakistan’s electricity generation and water storage capacity, and create new direct and indirect employment opportunities, generally in KP province, and especially in the local area of the project site. The minister commended the role and endeavours of the IsDB president and his team for arranging this financing at a very challenging time. “This agreement will further strengthen the partnership between Pakistan and the IsDB,” the minister added.