Minist­ry sends summar­y to ECC for approv­al of Sukuk issueISLAMABAD: The Neelum-Jhelum hydropower project is facing immense financial difficulties, which have been aggravated by the depreciation of the rupee against the US dollar and delay in disbursement of $280 million by the Exim Bank of China. The Neelum-Jhelum Hydropower Company expects the project cost to be restricted to approximately Rs470 billion as against the initial approved cost of Rs506.8 billion as per fourth revised PC-I. However, there is a shortfall of Rs108 billion, of which Rs70 billion is the local cost component and Rs38 billion is the foreign cost component. It has also asked for exemption from taxes and has prepared and sent a summary to the Economic Coordination Committee for approval. According to documents available with The Express Tribune, it has been said in the summary sent to the ECC that all four units of Neelum-Jhelum hydropower project are operational and generating electricity depending on availability of water in Neelum River.

Source: The Express Tribune April 21, 2019 04:18 UTC