Prime Minister Nawaz Sharif has approved the financial proposal for Diamer Basha dam so as the physical work on the the project is started before the end of 2017.
According to Radio Pakistan, the Prime Minister has approved the financing plan of the Diamer Basha dam.
The proposal based on self reliance will fund the dam portion of the project from PSDP allocations and WAPDA generated resources while the rest of the financing for the power generation portion will be arranged on commercial basis by the ministry either through WAPDA or through leasing its existing projects.
The Council of Common Interests (CCI) had approved Diamer Basha Dam project for construction in the year 2009.
The storage capacity of the existing dams is fast depleting due to silting and the country losing on its agricultural production after every few years due to a dry season, needs to be overcome by constructing more reservoirs.
Diamer Basha Dam will provide 8.1 MAF of gross storage of which 6.4 MAF will be the live storage and a capacity to produce 4500 MWs of cheap and clean energy.
The prime minister also appreciated the fact that the land acquisition for the dam has been completed with the efforts of the ministry and the Gilgit-Baltistan administration.