The Exim Bank of China has inked an agreement with the Government of Pakistan to provide $448m for the Neelum Jhelum Hydropower Project in the country.

The 969MW hydropower project is being developed by the Water and Power Development Authority (WAPDA).

The Neelum Jhelum Hydropower Project, being developed on the Neelum River in Jammu and Kashmir, will generate hydroelectric power that will help the country to meet shortage of electricity in the nation and will also secure priority rights over the river water.

WAPDA noted that the project is expected to be completed by the end of 2016.

When completely operational, the hydropower project is anticipated to generate 5.15 billion units of cheap electricity annually.