France has announced to provide fifty million euro soft loan and 0.2 million euro grant to Pakistan for rehabilitation of Dargai and Chitral Hydropower projects. Secretary, Economic Affairs Division Noor Ahmed, Ambassador of France to Pakistan, Marc Barety, and Country Director of the French Agency for Development (AFD), Jacky Amprou signed the Credit Facility Agreement in Islamabad on Friday.
The amount will be spent to upgrade the obsolete and vulnerable machinery with the state-of-the art-technology, enhance the capacity of the existing Power Stations of Dargai and Chitral. This will help enhance generation, transmission, and distribution of electricity keeping in view the future requirements of the region. The Secretary Economic Affairs Division thanked the French government and AFD for extending the financial assistance to Pakistan.
The main objective of the project will be to provide adequate facilities for generation, transmission and distribution of energy to meet current and future needs of Chitral and Malakand regions. This will also result in industrial, agricultural and economic development in the regions.