KARACHI: The inauguration of the Thar Coal Power Project brought the rare joint appearance of former president Asif Ali Zardari and his successor, Prime Minister Nawaz Sharif.
The two erstwhile rivals were amicable, however, as they laid together the foundation stone for the $1.6 billion project in Mirpurkhas, Sindh.
Both leaders drew attention to the cross-party cooperation that led to the inauguration of the project.
“The concept came about five years ago,” Zardari said in his speech, “and the Pakistani leadership has matured to the extent that projects like this can be executed.”
Sharif echoed Zardari’s sentiments in his address.
“Politics has its place. We all act according to our mandates, and Mr Zardari has passed on his mandate with an open heart,” he said.
“People should recognise that politics in Pakistan is done differently now. This project isn’t Sindh’s project; it is Pakistan’s project. This isn’t Zardari’s or Nawaz Sharif’s project; it is Pakistan’s project.”
Sharif moved on to directly address Pakistan’s power crisis. “The project,” said Sharif, dressed in a traditional Sindhi hat and shawl, “is one of many that will take Pakistan out of its acute electricity shortage.”
He then went on to list various projects, including three dams, wind power at Jhimpir, 10 projects at Gadani that he hopes will take Pakistan out of its current power troubles.
The Thar Coal Power Project is estimated to produce 660MW of electricity, according to Sindh Chief Minister Qaim Ali Shah, who was also present at the inauguration. It is expected to be completed by 2017.
Of the $1.6 billion in costs, the project is based on 75:25 debt to equity ratio. Engro Power, one of the stakeholders of the project, envisages raising $900 million from Chinese banks, $300 million from a Pakistani banking consortium and the remaining $400 million from sponsors
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