Pakistan's finance minister Ishaq Dar has said that the World Bank is set to finance its $14bn Diamer-Bhasha dam project.
Although no announcement has been made by the World Bank, Mr Dar told journalist hat a press conference on Tuesday that it had convinced the organization to fund the project, which is aimed at mitigating water and power shortages in the country.
He also said that the Asian Development Bank had agreed to lead the financing of the project.“I have taken up the Diamer-Bhasha issue with the ADB and its visiting vice president was very positive and promised to work proactively with Pakistan,” said Mr Dar.
Reports had previously stated that the World Bank had refused to fund the project as it was in a disputed territory and that it would require a No Objection Certificate (NOC) for the project from neighboring India in order to issue the funds.
However, Dar was reported by the Express Tribune to have said that he had "convinced the World Bank that it is not legally necessary to seek the NOC from a neighboring country”.
The dam will create a reservoir with a capacity of 10km2 of drinking water, as well as powering six underground turbines capable of generating up to 4,500MW of power.
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