ISLAMABAD: The World Bank has expressed its willingness to finance the $14 billion Diamer-Bhasha dam, a country’s top priority strategic project to overcome increasing energy and water shortages.
“We have also convinced the World Bank to finance the project,” Finance Minister Ishaq Dar told journalists here on Tuesday.
The minister said that the government was able to convince the World Bank that it was not legally necessary to seek an NOC (no-objection certificate) from a neighbouring country to build a dam and that Pakistan’s first priority was Diamer-Bhasha dam after which it would consider Dasu Dam.
The Asian Development Bank (ADB) has also committed to become the lead finance manager for the project.
Dar said the ADB was appreciative of the economic reforms initiated by the new government and had “agreed to actively engage with Pakistan” again after the adverse policies of the previous government that resulted in more flows to the ADB than into Pakistan.
“I have taken up the Diamer-Bhasha issue with the ADB and its visiting vice president was very positive and promised to work proactively with Pakistan” and become the lead finance manager for the project, Dar said.
The minister said since one institution alone could not provide so much funding Pakistan had decided to approach all international lenders.
