During a ceremony held at the Chief Minister’s House in Peshawar on Tuesday, the Government of Khyber Pakhtunkhwa (GoKP) issued three letters of intent (LOI) to EnerTech Holding, a state-owned entity of Kuwait.
EnerTech Holding had signed a number of memorandums of understanding (MoUs) with the GoKP at Dubai Expo 2020, including agreements with the development and implementation of green hydrogen, urban development, food processing, and integrated tourism zones (ITZs). The purpose of the ceremony was to issue Letters of Intent for greenhydrogen and urban development projects.
Provincial Minister for Finance, Taimur Salim Jhagara, Special Assistant to KP CM on Information, Barrister Muhammad Ali Saif, Special Assistant on Industries & Investment, Abdul Karim, Additional Chief Secretary Shahab Ali Shah, Chief Executive Officer (CEO) KPBOIT Hassan Daud Butt, CEO EnerTech Holding Abdullah Al-Mutairi, Chairman Pak-Kuwait Investment Company Mohammad A.M. Al-Fares, and Additional Chief
The objective of the provincial government is to promote new sources of renewable energy and alternative fuels and to create sustainable urban development in the province.
The Kuwaiti corporation would invest $250 million in the establishment of two green hydrogen projects at run-of-river hydroelectric facilities of the Pakhtunkhwa Energy Development Organization (PEDO) to produce green hydrogen and green ammonia.
The proposed project sites consist of the 84 MW Matiltan hydroelectric plant and the 69 MW Lawi hydroelectric project. The corporation will invest an additional $750 million to construct a Satellite and Smart City in Khanpur, taking into account a variety of well-being-related factors, such as affordability, environmental and economic implications.
The completion of the project is anticipated to result in substantial investment and economic activity in the province. At the recently concluded Dubai Expo 2020, the Khyber Pakhtunkhwa government inked 44 MoUs totaling eight billion dollars with foreign investment businesses, the chief minister stated. In accordance with MOUs, he continued, the investment of a Kuwaiti investment business in the province was commendable.
The chief minister lauded the management of Enertech Holding, a Kuwaiti investment business, for making substantial investments in the province and stated that the provincial government will offer the company its full support. He noted that Kuwaiti investment would create new opportunities for foreign investment.
The chief minister stated that initiatives involving green hydrogen plants would be a turning point in the promotion of environmentally friendly energy, while the building of satellite and smart cities would serve as a foundation for sustainable urban growth.
Mahmood Khan stated that the provincial government ensured the provision of all facilities and services to international investors under one roof, and that the province was completely investment-friendly.
He stated, “The provincial government is employing a well-thought-out plan to create employment possibilities through attracting foreign investment in the province.”
