LAHORE: The Water and Power Development Authority (Wapda) will issue green eurobonds to raise $2.5 billion for the construction of mega hydropower projects in the next five years.

“Wapda is the country’s first public sector authority that is about to launch green eurobonds. We are planning to raise $2.5bn through issuance of bonds in the next five years as per financial needs for construction of mega projects,” Wapda Chairman retired Lt General Muzammil Hussain said while responding to various questions of the participants of National Defence University’s security workshop held at Wapda House on Friday.

The delegation headed by Maj Gen Asif Ali was comprised of members of the national and provincial assemblies of Balochistan, Khyber Pakhtunkhwa, Punjab, Sindh, Gilgit Baltistan and AJ&K, bureaucrats, officers of the armed forces and members from civil society.

Mr Hussain apprised the delegation about the $26bn projects being executed under an innovative financial plan devised to arrange funds for the construction of Diamer Basha and Mohmand dams by making use of its own financial strength with less dependence on the national exchequer. “Wapda is the first public sector entity that has been given stable outlook equivalent to Pakistan by Moody’s, Fitch and Standard and Poor’s (S&P),” he explained. He was of the view to have more integrated mechanism to harness water resources across the country to attain water, food and energy security of Pakistan.

He said that Wapda has been constructing as many as eight mega projects including Diamer Basha, Mohmand and Dasu dams to improve water situation and increase the share of low-cost and environment-friendly hydropower in the national grid.

Published in Dawn, April 3rd, 2021