KARACHI: The Hub Power Company (HUBCO) has inked a fund raising deal for the first private sector 84 mega watts (MW) hydel project.

Talking to Geo News HUBCO’’s Chief Executive Javed Mehmood said that HUBCO will provide 25 percent of funds, whereas a consortium of banks will afford rest of the 75 percent for $23.30 billion project.

Javed said this is first time that international monetary institutions are financing an infrastructure in Azad Kashmir.

The consortium includes Asian Development Bank, IFC, Habib Bank, National Bank and a French institution.

‘The project will be constructed on a canal near Mangla.’

Soil testing has been started, whereas the construction work will begin in the first week of coming December, he added.