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Saudi Fund for Development to boost Pakistan's energy security and water supply with $240 million investment in Mohmand Dam
The Saudi Fund for Development (SFD) has announced a major investment of $240 million to advance the construction of the Mohmand Dam project in Pakistan. The agreement was signed by the CEO of SFD, Sultan Abdulrahman Al-Marshad, and the Federal Secretary of the Ministry of Economic Affairs, Dr Kazim Niaz, in the presence of the Saudi Ambassador to Pakistan, Nawaf bin Said Al-Malki.
The Mohmand Dam is a multipurpose project that will significantly contribute to Pakistan's energy security, increase sustainable water supply for agriculture and human consumption, and improve the country's resilience against floods. The dam will be constructed on the Swat River in the Mohmand district of Khyber Pakhtunkhwa province and will have a storage capacity of 1.2 million acre-feet of water.
This investment by SFD is a testament to the strong relationship between Saudi Arabia and Pakistan, and it will go a long way in strengthening economic ties between the two countries. The investment in the Mohmand Dam project will create job opportunities and promote economic growth in the region.
The construction of the Mohmand Dam has been a long-standing priority for Pakistan, and this investment by SFD will accelerate the project's progress. The dam will play a vital role in ensuring water security in the country, especially during the dry months of the year. It will also generate clean energy and reduce Pakistan's dependence on fossil fuels.
Moreover, the project will have a positive impact on the environment by reducing the country's carbon footprint. The Mohmand Dam project is part of the government's plan to increase the country's renewable energy capacity, which will help in achieving sustainable development goals and combating climate change.
In conclusion, the investment by SFD in the Mohmand Dam project is a significant step towards boosting Pakistan's energy security, water supply, and economic growth. The project will not only benefit the people of Pakistan but will also contribute to the region's prosperity. It is hoped that this investment will lead to further collaboration between Saudi Arabia and Pakistan in areas of mutual interest and benefit.
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