The PPIB issued LOS with the authority to develop Azad Pattan Hydropower project in June 2016. It was
listed as ‘energy actively promoted project’ of CPEC in the 9th JCC held in 2019. The project, at an
estimated cost of $ 1,600 million, is being developed by China Gezhouba Group Company (CGGC). The
development process is at an advance stage; land acquisition is started whereas financial close is under
progress. A delay in financing arrangements of project is reported as the China Export Credit Insurance
Corporation (Sinosure) is reluctant to issue LOS due to rising circular debt and negative outlook of
Pakistan power sector.