Somersaulting of ADB
Posted on 9 months ago
It is designed to generate 20 billion units per annum and contribute $5 million per day benefit to the national economy. Any delay in provision of funds would additionally cost $1.825 billion a year.
A mission of ADB had visited the Dam site in June this year and went back satisfied with the project.
Now the Asian Development Bank in a turn of events has back tracked from its commitment to finance the project.
The Bank that had earlier partly funded the Mangla Dam on the Pakistani side of Kashmir did not seek any NOC that it seeks now from India. What changed the ADB minds is its inability to counter Indian influence in its affairs.
The ADB has a history of bowing down to the interests of its donors keeping the organization afloat for political gains. In Pakistan’s case, the ADB has apparently ditched the country on Bhasha Dam funding, thereby, seriously affecting the work already underway on the site for the last four years. India is the third largest share holder of the Bank with 224010 shares.
At the World Bank the US-India nexus is at play once again to starve the country on water and energy resources.
The World Bank has also shown reluctance on funding the project under Indian pressure or is it American pressure? The World Bank also seeks NOC from India on the issue.
The US has overwhelming influence over the World Bank also being its largest financier and also holds the presidency of the Bank. The World Bank says that the site is in the disputed area between India and Pakistan. On the other hand it says that if Pakistan gets an NOC from India it might relent.
It is a dilemma for Pakistan because by going to India the whole issue would legitimize the status of Gilgit-Baltistan as a disputed territory.
Our planners would have been wiser if they could earlier anticipated the grandeur designs of hostile countries the tools of which are ADB and the World Bank for squeezing the needy countries. India has not made its objections on the project vocal and in factually its water security is not threatened by the Bhasha Dam project.
In such a dithering scenario it would be in the fitness of things that instead of going to Institutions that survive on the US inhibitions, Pakistan looks elsewhere for funding the project.
Major friends like China, Arab countries like Saudi Arabia and Turkey are approached for formation of some kind of consortium to fund the project.
On the home front there is a need to gather banks, lending agencies, local investors besides the people themselves to contribute towards this strategic project which may become an asset in combating impending water shortages in the country.
Engineer Javed Iqbal
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