Bank Al-Falah gives Rs. 1.2-bn to SHYDO for hydel project

Peshawar: Bank Al-Falah Limited has extended Rs 1.2 billion loan to Sarhad Hydel Development Organisation (SHYDO) for promotion of hydel power generation in the province. An agreement between the management of the bank and SHYDO has already been signed here while the formal signing of the memorandum of understanding (MoU) will be held soon.

Bank Al-Falah is the first ever bank in NWFP, which extended the loan facility in power sector. The loan will be provided on concessional mark-up rates for five years. According to agreement, the SHYDO will utilise the amount on Malakand III project, which is already completed, but was delayed due to some financial constraints.

The input of the amount, provided by the bank, will expedite generation of hydel power from Malakand III project. The bank has released Rs 290 million to SHYDO, while the remaining amount of Rs 910 million would be provided after signing of the MoU. The Malakand III project would generate about 81.69 mega watts of electricity, which to the National Transmission and Distribution.