ISLAMABAD (Daily Times)-- Pakistan has asked Argentina to submit formal written proposal to provide financing and technical expertise for carrying out the construction of Bhasha Dam project, sources told Daily Times Friday.

Ambassador of Argentina to Pakistan, Rodolfo Martin Saravia who called on Federal Minister for Water and Power and Tourism, Raja Pervez Ashraf here Friday and offered to invest in the Basha Dam and to provide technical expertise for the project.
Ambassador informed minister that Argentina could contribute some portion of investment in the construction of Bhasha Dam project. The minister welcomed the offer to invest in Bhasha Dam and asked to submit formal written proposal regarding the investment and technical expertise so that Pakistan could evaluate the proposal to accept the offer.
Minister said that after the submission of written proposal all the required information would be provided and assured to extend full cooperation in this regard. Pakistan needs $8.5 billion investment for construction of Bhasha Dam project that would generate 4,500 MW electricity.
The Ambassador informed the minister that his country had great experience in hydel and thermal power generation, particularly in construction of dams. He said that the Argentinean investors are also keen to invest in power projects in Chitral and NWFP. The envoy said that they are also looking possibilities of investment in the areas near Basha dam for tourism purpose.
The developed area with all facilities near the dam will attract the tourist from all over the world. The envoy invited the Minister to visit Argentina to meet the investors and discuss with them the avenues for investment.
The minister said that the new political government of Pakistan is fully determined to facilitate the foreign investors and remove all bottlenecks to promote investment in the water and power sector. He said that today Pakistan is facing great challenges, especially in power sector and need about 4,000 to 6,000 MW additional power per day to meet the growing demand of electricity. He said that the country is now focusing on hydel and coal power generation and run of river projects.
The power sector in Pakistan has great potential and the investment in this sector will be welcomed. While discussing the tourism sector, he said that the government is planning to take effective measures to promote tourism in the country and there is proposal to set up budgeted hotels and motels in the potential sites for the tourists. He said that joint ventures projects to promote tourism would also be welcomed.