The European Investment Bank (EIB) has granted a EUR 100 million long-term loan to the Government of Pakistan for the construction of the Keyal Khwar Hydropower project. A Declaratory Statement was signed by EIB Vice-President Magdalena Álvarez Arza and Ms Nargis Sethi, Secretary of Pakistan’s Economic Affairs Division, at a ceremony in Islamabad on 17 February 2014.
EIB Vice President Magdalena Alvarez, who is in charge of the EIB’s operations in Asia, highlighted that “the European Investment Bank is committed to supporting investment in renewable energy and helping countries around the world reduce carbon emissions. At the same time the EIB is pleased to be able to support Pakistan in this important sector, addressing the increased demand of energy in the country. The investment will provide a clean and reliable supply of electric power contributing to climate change mitigation, which is a fundamental goal of the European Union.”