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15 September 2006 -- Dr. Ali Bin Ahmed, Engineering Advisor of Kuwait Fund for Arab Economic Development (KFAED), is on a five-day official visit to Pakistan to finalize the funding for Golan Gol Hydropower project, which will generate 106 MW of electricity. A formal loan agreement is expected to be signed next month.

KFAED will loan about $37 million to fund the project, which is expected to be completed by the end of 2010. Other project financers include Saudi Arabia and an Opec fund. A source at the Economic Affairs department said Saudi Arabia is likely to lend $35 million.

The power plant will be built on the Kunar River in North-West Frontier Province, at a cost of $107 million, including $40 million as a foreign exchange component and $67 million as a local component. The dam is expected to have a generation cost/kWh of $0.024. As part of the project, a four-kilometer-long tunnel will be excavated.

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