World Bank provides additional US$2.5 million for Pamir Private Power Project

28 November 2008 Asia-PLUS Daily Blitz

DUSHANBE November 28, 2008, Asia-Plus /Mavjouda Hasanova/ — On November 26, Finance Minister Safarali Najmuddinov and the World Bank Country Manager for Tajikistan Ms. Chiara Bronchi officially signed
amendments to the Credit Agreement on Pamir Private Power Project to take account of the additional grant financing for this project of 2.5 million US dollars , approved by the World Bank’s Board of Directors on July 31, 2008, press release issued by the WB Dushanbe office said. The additional financing will help cover the costs associated with the unexpected need to restore and repair equipment and facilities damaged by the February 2007 flooding at the Pamir 1 Hydro Power Plant (HPP) in the Gorno Badakhshan Autonomous Region (GBAO) of Tajikistan. The catastrophic flooding at the Pamir Hydropower Plant in February 2007 severely damaged the plant equipment and infrastructure. It affected consumers in GBAO at the peak of the winter season of 2007.

The funds provided by the World Bank will focus on the measures to prevent further occurrence of such accidents and address long-term sustainability of the plant. The Pamir Private Power Project is a successful public-private partnership between the Government of Tajikistan, the Aga Khan Fund for Economic Development (AKFED), as the main private sponsor, and the International Finance Corporation. This is indeed a pioneering public-private partnership project in Central Asia. Last winter the Pamir Energy Company supplied residents of the GBAO capital Khorog and surrounding villages with power for about 20 hours a day, at the time when the rest of the country had been experiencing a severe energy crisis. The project company also managed to institutionalize sound governance as well as financial management system according to international financial management and accounting standards. Additional funds are expected to prevent further accidents and ensure sustainability of these achievements and help to further strengthen the electricity supply system in GBAO so that population and industries can receive quality electricity supply on an uninterrupted basis.

Author: ismailimail

Independent, civil society media featuring Ismaili Muslim community, its achievements and humanitarian works.

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