Agreement for $1.5bn hydropower project signed
ISLAMABAD: Prime Minister Imran Khan has said that China-Pakistan Economic Corridor (CPEC) will be a ‘game changer’ for the motherland, bringing unprecedented prosperity and progress to the country. “It (CPEC) is a project that will take Pakistan to new heights [of prosperity],” the prime minister said after witnessing the signing of agreement with China Gezhouba for Azad Pattan hydropower project at a ceremony held at PM Office. A part of CPEC, with an investment of $1.5 billion, 700.7-megawatt Azad Pattan will not involve fuel import, thus enabling the country to move towards cheaper and greener power while generating local job opportunities. The project is located at River Jhelum and is expec-ted to be completed in 2026. “Time would prove the long-term benefits of CPEC, which is based on the economic cooperation between Pakistan and China,” the prime minister said, adding that Pakistan could learn a lot from the emerging world economic power, China. He expressed the optimism that the two countries would continue to benefit from the time-tested cooperation in diverse fields. Referring to the signing of the agreement for Azad Pattan hydropower project, PM Khan said it was part of the investment to complete the power project based on clean energy. “Unlike the past, the project will not burden the people. The previous governments launched costly projects, which were made functional with imported fuel, thus increasing the cost of energy manifolds and stressing the local currency,” he added. Mr Khan said that power projects based on imported fuel cost the country dearly, with the result that the industry could not compete with those in the neighbouring countries, which were using low-cost energy. “This also caused burden on domestic consumers,” he added.