WASHINGTON, July 31, 2008 – The World Bank Board of Executive Directors today approved a US$2.5 million grant in additional financing for the Pamir Private Power Project. The additional financing will help cover the costs associated with a financing gap caused by the unexpected need to restore and repair equipment and facilities damaged by flooding at the Pamir 1 Hydro Power Plant (HPP) in the Gorno Badakhshan Autonomous Region (GBAO) of Tajikistan. The financing will also enable the project company Pamir Energy (PEC) to complete the original project scope by focusing on rehabilitation of plant infrastructure and provision of parts and equipment to ensure the plant’s long-term sustained operation and prevent further accidents.
Pamir 1 HPP accounts for 75% of the capacity in the main grid system of GBAO, which is operated by Pamir Energy (PEC), a fully privately owned special purpose company, under a 25-year concession given by the Government of Tajikistan to operate and further develop all existing electricity generation, transmission, and distribution facilities in GBAO. The concession was developed under the Pamir Private Power Project (PPPP), which is a successful public-private partnership between the Government, the Aga Khan Fund for Economic Development (AWED), as the main private sponsor, and the IFC.
Ismailimail 