ISLAMABAD, Dec 9: The Asian Development Bank will sign an agreement with Pakistan next week for financing Diamer-Bhasha dam.

During a meeting between a visiting Asian Development Bank mission, headed by its Director for Energy Division Rune Stroem, and Water and Power Minister Syed Naveed Qamar here on Friday, the bank agreed to extend technical and financial assistance for the 4,500MW dam project.

Wapda Chairman Shakeel Durrani briefed the meeting on the current status of the project and outcome of the meetings with other financial institutions.

The Asian Development Bank mission discussed with the minister energy efficiency programmes and matters relating to the financing of Bhasha dam and other mega projects in the water and power sector.

Both sides agreed to organise ‘road shows’ in three different countries with donors, equipment suppliers and other stakeholders for the co-financing of the project.

Mr Stroem said the mission was giving top priority to the Bhasha project and looking for its early execution. He praised the government for its efforts to make progress and resolve issues relating to the project which, he said, would help improve the economic condition of people and bring prosperity to the country.

He said the Asian Development Bank was also considering proving financial and technical assistance to various other projects in the water and power sector. He briefed the meeting on various programmes being funded by the Asian Development Bank.

Matters relating to power sector reforms, rehabilitation of Gencos (generation companies) and energy efficiency programmes also came under discussion. The mission was informed that the process of rehabilitating Gencos would be completed soon.

Mr Qamar praised the Asian Development Bank team for its technical and financial support for the Bhasha dam project and said it would be a milestone for the country’s economy and would meet future water and power requirements.

He said Pakistan was giving high priority to the project and had completed all formalities for its construction. “Most of the land has been acquired and the resettlement package is being implemented.”

He lauded the Asian Development Bank for its role as lead financier for the Bhasha dam project and said it would attract other donors and sponsors for funding other mega projects in Pakistan.