PESHAWAR: The Khyber Pakhtunkhwa Hydel Development Fund on Saturday approved Rs20 billion for 20 ongoing and 19 new schemes in the energy sector.

The decision was taken at the 15th meeting of the fund’s board with Chief Minister Mahmood Khan in the chair. Minister for finance Taimur Saleem Jhagra was also present, according to a statement.

The board reviewed in detail the progress on implementation of the decisions taken at the last meeting and approved the estimated budget for the financial year 2021-22 for the new and ongoing projects being executed by Pakhtunkhwa Energy Development Organisation (Pedo).

The forum also accorded approval to the business model for funding of the ongoing and news projects besides giving a go-ahead for the financial audit of the fund by a reputable firm.

The meeting was informed that annual accounts of Hydel Development Fund had also been prepared for the financial year 2020-21. It was disclosed that the fund had generated a profit of Rs879.461 million during the said financial year.

On the occasion, the chief minister directed Pedo to expedite work on ongoing energy projects and take concrete steps for initiating work on new projects.

He also directed the authorities concerned to expedite work on the purchase of land for Balakot and Kalam-Gabral hydropower projects so work on these projects could be started within stipulated time.

Mahmood Khan said the current financial year was of vital importance for execution of development projects in the pipeline.

He said timely completion of the projects was the topmost priority of the government to benefit the citizens.

The chief minister also directed the Pedo authorities to submit a detailed progress report on the ongoing energy projects within a week.

Published in Dawn, July 18th, 2021