LAHORE: Austrian firms will make use of the opportunities embedded in the projects of Water and Power Development Authority (Wapda), said Austrian Foreign Minister Alexander Schallenberg, hoping that they could become partners for mutual progress.
During a visit to the Wapda House on Friday, the foreign minister, accompanied by Austrian Ambassador Nicolaus Keller and a high-level business delegation, explored ways for partnering with Wapda in the construction of mega projects in the water and hydropower sectors.
He appreciated Wapda for its contribution to the development of a sustainable and low-carbon economy in Pakistan.
Austrian Ambassador Nicolaus Keller expressed confidence that the visit would help enhance ties between Wapda and Austrian firms.
On the occasion, Wapda Chairman Muzammil Hussain briefed the delegation about the authority’s mandate, development portfolio, financial strength and expertise to successfully implement the mega projects.
Talking about the under-construction projects, he underlined that Wapda was implementing around 10 projects of more than $26 billion under the vision of ‘Decade of Dams’, which would be completed between 2022 and 2028-29 in a phased manner.
He mentioned that the projects would add around 11.7 million acre feet of water to the existing water storage capacity and 11,369 megawatts to the installed generation capacity for clean, green and low-cost hydel power.
He was of the view that Wapda projects, particularly Diamer-Bhasha Dam, had tremendous business opportunities.
Austrian firms, like other foreign and local companies, may benefit from these opportunities “by participating in international competitive processes for the purpose”, he said.
The chairman spoke about the successful launch of green Eurobond on the London Stock Exchange by Wapda last year “on the back of a robust capital structure and strong balance sheet”.