President urges ADB to lead Diamer-Bhasha Dam funding

ISLAMABAD: President Asif Ali Zardari Friday urged the Asian Development Bank to be a lead financier of the Diamer-Bhasha Dam Project.
He said that early completion of Diamer-Bhasha Dam was crucial in view of its vitality in diversifying the energy mix, production of cheap electricity for ensuring smooth running of the economic cycle and to enhancing storage capacity of much-needed water for ensuring continued agricultural productivity.
During his meeting with the Board of Directors of Asian Development Bank (ADB) here at Aiwan-e-Sadr, the President said that energy shortage and water scarcity were among the major issues faced the country that hindered smooth economic growth and Government’s efforts towards poverty alleviation.
The delegation of Asian Development Bank (ADB) comprised of Maurin Sitorus, Ashok Lahiri, Kazuhiko Koguchi, Jerome Destombes, Richard Edwards, Khin Khin Lwin, Siraj Shamsuddin and Werner E. Liepach.
The President was assisted in the meeting by Finance Minister Dr. Hafeez Sheikh, Chairperson BISP Farzana Raja, Secretary General M. Salman Faruqui, Petroleum Advisor Dr. Asim Hussain, Senator Farhatullah Babar, Senator Syeda Sughra Imam, Deputy Chairman Planning Commission Dr. Nadeem-ul-Haq, and other senior officials of the concerned ministries.
Briefing about the meeting, Spokesperson to the President Senator Farhatullah Babar said that the President emphasized that being a water-stressed country, it was important for Pakistan to urgently enhance its water storage capacity so as to ensure food security and continued agricultural productivity which was backbone of the country’s economy.
The President said that the project was also crucial as it would be generating 4500 MW of clean and environmental friendly energy to meet the growing demand of a developing economy.
He said that energy shortage was the major issue, which was hampering economic development and growth of the country and was adversely affecting the government’s efforts to overcome imprints of heavy toll in the war against terror and that of the recurring natural disasters.
He said construction of Diamer Bhasha dam was an integral part of Pakistan’s strategy to control natural disasters like the devastating floods, diversify its energy mix by harnessing the renewable sources of clean, affordable and environmental friendly energy, generation of short and long term employment opportunities, particularly to for the locals, and to focus on building massive infrastructure for overall socio-economic uplift of the area and standard of living of people.
He said that the Government has demonstrated its political will and was tapping all avenues for generation of the resources for this project of vital importance.
The President said that the Government was also cognizant of the safeguard policies and concerns and therefore was adhering to ADB’s principles for resettlement of the displaced persons and environmental protection.
The President also appreciated the engagement of the Bank in TAPI natural gas pipeline project that will transport Caspian Sea natural gas from Turkmenistan through Afghanistan into Pakistan and then to India.
While expressing the hope for ADB’s continued engagement the President appreciated its role played so far in coordinating and facilitating negotiation process of the project.