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World Bank approves additional funding of $1 billion for Pakistan

10:34 AM | 11 Jun, 2024
World Bank approves additional funding of $1 billion for Pakistan
Source: File Photo

WASHINGTON —The World Bank’s Board of Executive Directors has approved $1 billion in a second round of additional financing for the DASU Hydropower Stage I (DHP I) Project in Pakistan.

This financing will support the expansion of hydropower electricity supply, improve access to socio-economic services for local communities, and build the Water and Power Development Authority’s (WAPDA) capacity to prepare future hydropower projects.

“Pakistan’s energy sector suffers from multiple challenges to achieving affordable, reliable, and sustainable energy,” said Najy Benhassine, World Bank Country Director for Pakistan. “The DASU Hydropower Project site is one of the best hydropower sites in the world and is a game changer for the Pakistan energy sector. With a very small footprint, the DHP will contribute to ‘greening’ the energy sector and lowering the cost of electricity.”

DHP is a run-of-river project on the Indus River about 8 km from Dasu Town, the capital of the Upper Kohistan District of Khyber Pakhtunkhwa Province. Upon completion, it will have an installed capacity of 4,320–5,400 MW. The project is being built in stages. DHP-I has a capacity of 2,160 MW and will generate 12,225 gigawatt hours (GWh)/year of low-cost renewable energy. The DHP-II will add 9,260–11,400 GWh per year from the same dam.

The additional financing will further support ongoing socio-economic initiatives in Upper Kohistan, particularly in the areas of education, health, employment, and transport.

Through this project adult literacy has increased by an estimated 30 percent since 2012, boys’ schooling increased by 16 percent while girls’ schooling has increased by 70 percent during this period.

The project will also continue ongoing community development activities on roads, irrigation schemes, schools, medical facilities, mosques, bridges, solar energy systems, and science laboratories and libraries, all with a particular focus on women beneficiaries, including the establishment of free healthcare clinics/camps with women doctors/nurses, trainings for female health workers, trainings on livelihoods and literacy for women, and awareness-raising programs on health and hygiene.

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Currency Rates in Pakistan - Pak Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 25 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 25, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.5 for buying and 280.65 for selling.

Euro's buying rate stands at 293.5 and selling rate is 297.2 while British Pound rate is 348.5 for buying, and 351.45 for selling.

UAE Dirham AED was at 75.05 and Saudi Riyal at 72.95.

Currency Rates in Pakistan

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.65
Euro EUR 293.5 297.2
UK Pound Sterling GBP 348.5 351.45
U.A.E Dirham AED 75.05 75.85
Saudi Riyal SAR 72.95 73.85
Australian Dollar AUD 182.2 184
Bahrain Dinar BHD 740.58 748.58
Canadian Dollar CAD 203 205
China Yuan CNY 38.35 38.75
Danish Krone DKK 39.91 40.31
Hong Kong Dollar HKD 35.67 36.02
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 907.74 916.74
Malaysian Ringgit MYR 59.07 59.67
New Zealand Dollar NZD 170.38 172.38
Norwegians Krone NOK 26.38 26.68
Omani Riyal OMR 723.26 731.26
Qatari Riyal QAR 76.5 77.2
Singapore Dollar SGD 72.95 73.85
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 311.53 314.03
Thai Bhat THB 7.58 7.73

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