ISLAMABAD: Water and Power Development Authority (Wapda) is working on a strategy to raising $ 2 billion financing through different tools in addition to issuance of green Eurobond for the projects.

This has been revealed in a summary of Ministry of Water Resources prepared for the Federal cabinet to justify retention of services of incumbent General Manager Finance, Naveed Asghar Ch as Member Finance (Wapda).

The sources said, Ministry of Water Resources, in its two summaries had pointed out that Wapda, besides execution of mega hydropower projects including Mohamand, Dasu and Diamer Basha hydropower project, is currently undertaking its credit rating process with the aim to diversify its financing avenues through a green Eurobond issuance.

Likewise, a multi-pronged strategy is being employed using syndicate loans, export credit agencies and Islamic Sukuk for raising approximately $ 2 billion over the next 2-3 years to meet foreign financing needs of these projects which requires a highly qualified and experienced professional to steer all this process effectively.

Naveed Asghar Chaudhry, a BS-20 officer of PA&AS, is serving as General Manager Finance (Power) on deputation since 2015. He completed his maximum deputation period of five years on January 29, 2020. His period of deputation has been extended till April 29, 2020. Wapda has strongly recommended that given his professional expertise in public finance and involvement in funding raising for Wapda hydropower projects, services of the officer are required beyond his maximum period of deputation including extended one expiring on April 29, 2020 for another three years under section 10 of the Civil Servant Act, 1973 in public interest for the following compelling reasons: (i) he is architect of the strategic models being pursued by Wapda for fund raising at feasible/ viable rates from national and international financial institutions and (ii) he has been instrumental in devising all financing strategies of Wapda and has been supervising them with foreign donor agencies and multilateral institutions.

On April 6, 2020, Chairman Wapda during a meeting in the Prime Minister’s House, requested for posting of Naveed Asghar Chaudhry as Member Finance Wapda under section 10 of the Civil Servant Act, 1973.

However, Prime Minister, stipulated that the Ministry of Water Resources shall place the summary before the Cabinet after comments from the Establishment Division.

The Ministry of Water Resources has submitted the following panel: (i) Naveed Asghar Chaudhry; (ii) Abdul Ghafoor Khan;(iii) Nasir Ali and;(iv) Barkat Saeed Memon.—MUSHTAQ GHUMMAN