$50 billion invested by China to develop the Indus River Cascade
Indus River proves to be one of the significant development, which will attract at least $50 billion for the investment to Pakistan. Islamabad will soon sign MoU on Saturday with Beijing for the developing and finance North Indus River Cascade which has potential to generate 40,000 MW hydroelectricity. The Government of China provides the investment of $50 billion and Chinese banks finance power along with the road infrastructure project In Pakistan under the CPEC.
The witness of MoU is the Prime Minister Nawaz Shareef who will give the official visit to China. Beijing will soon emerge as one of the biggest financiers of infrastructure projects happening in Pakistan.
According to the latest research, the Water and Power Development Authority in Pakistan has identified the potential to produce more than 60000 MW of hydroelectric power.
The 40,000 MW of potential power is located in a region known as Indus River Cascade, which will begin from Skardu in Gilgit-Baltistan and will run through the Khyber Pakhtunkhwa known as Tarbela that is the site of Pakistan Biggest dam. The Indus River Cascade includes the project of Diamer Bhasha Dam, which requires $15 billion to be invested. Many other multilateral donors were willing to invest in the project, but now China will finance on the mega project.
According to the sources, Chinese have conducted serious studies and survey on the North Indus Cascade including the sites of Thacoat, Bunji, Dasau, Pattan and even Diamer in February 2017.
Chinese agreed to the high-level meeting and will conduct a serious study for three months to develop a roadmap for financing which will lead to the completion and initiation of the upcoming mega projects. This will be the first ever-private project that will be established in Pakistan after the investment in hydel resources. Until now, Wapda led such projects. One of the significant development taken by Chinese proves to be the best experience for building large dams.
North Indus River Cascade and CPEC will be the biggest ever investment in China in Pakistan. In 2015, China owned the title of having the world’s largest hydroelectric dam. China Three Gorges Corporation express its willingness to participate in a consortium to fund at least $50 billion of hydropower projects in Pakistan. Chinese Government will soon be investing in the International Finance Corporation, which is a World Bank Subsidiary.
CTG owns and operates more than Three Gorges Dam, which is the world largest hydroelectric power plant that owns a capacity of 22500 MW. The entire installed capacity of Pakistani grid is 23,500 MW.