IDB to finance Pak power project

31/01/2011 00:00 AST

The Islamic Development Bank (IDB) has signed an agreement to extend its long-term lease finance (Ijara) facility of up to $90 million for the development of the Uch-II combined cycle independent power plant project in the Baluchistan province of Pakistan.

International Power PLC of the UK is sponsoring the project, which will add a net generation capacity of 375 MW to the national grid under a 25-year contract with the National Transmission and Distribution Company of Pakistan and thereby make a significant contribution to improving the power supply situation of the company. The deal was signed on behalf of the IDB by its Vice President (Operations) Birama Boubacar Sidibe. Besides IDB, the project is also expected to receive long-term debt finance from the Asian Development Bank, International Finance Corporation and Export-Import Bank of Korea.


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