The World Bank's International Finance Corporation group has agreed to finance the 108-MW Gulpur hydropower plant that will be located on the Poonch River in Pakistan.
IFC said it will extend up to US$60 million for the project, which is part of Pakistan's plan to keep up with its ever-increasing demand for power.
The meeting took place in Islamabad and included IFC officials, alongside Pakistani Minister of Finance Ishaq Dar.
Gulpur is one of several World Bank-funded projects located in Pakistan. HydroWorld.com has previously reported that the international finance agency is providing $840 million for a 1,410 MW extension to the Tarbela hydropower plant.
HydroWorld.com reported this past September that MWH Global had been selected to serve as owner's engineer for Gulpur.
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