The Pakistan government has decided to set up companies that will not only arrange financing under their respective business plans for construction of mega dams, but will also operate them, Adviser to the prime minister on Finance and Revenue Dr Salman Shah says. These dams include Diamer-Bhasha, Kalabagh and Akhori. The government will be having the equity shares. In addition, the provincial governments will also be having equity shares in the total financing of the dams. However, the companies comprising the consortium of International Financial Institutions or IFIs will operate the dams, Shah said in an interview to the leading English language daily "The News." He heads the committee on dams that is negotiating funding with IFIs including the World Bank and Asian Development Bank. The adviser said Kuwait Investment Authority (KIA) and Qatar Investment Authority (QIA) would also be having equity shares in various dams. He said the company will construct the most strategic and vital project of Neelum-Jhelum Hydropower project. Shah said the companies responsible for operating the dams and hydropower projects would be allowed to enlist themselves in the stock exchanges both in Pakistan and outside. The companies would be permitted to sell their shares through initial public offers (IPOs) and gross deposit receipts (GDRs). The funding of all mega dams would be arranged outside Pakistan's annual budget and these would be constructed under public-private partnerships, he said.
