Page - 656 - in Book of Full Papers - Symposium Hydro Engineering

The Project is being financed by International Finance Corporation (IFC), Asian Development Bank (ADB), Korea Exim Bank (K-Exim), CDC Bank of UK and Multilateral Development Bank of Netherland (FMO). The Project achieved Financial Closing in October 2015 and set to achieve commercial operations by August 2019 with 70% construction already completed. The Project is being constructed by renowned consortium of Korean construction companies i.e. Daelim Industrial and Lotte E&C and many international consultants/technical advisors are collaborating at different levels including Mott McDonalds as technical advisor of Lenders, MWH as Owners Engineer and Multi Consultant (UK) as independent engineer. Back in 2013 when KOEN decided to invest in Pakistan, the country had a serious power crisis. Everyday millions were being affected by electricity shortage up to six hours in urban areas and twelve hours in rural locations which leads to slowing of productivity and hampering economic growth. KOEN believed at that time that in a country, rich in water resources hydropower can have a significant role in meeting future energy needs. While acquiring the project KOEN was already very keen to focus on environmental challenges in maintaining the rich ecology and diverse environment specifically in view of already environmental sensitive location where other than rest of the needful almost 128 households were to be resettled/ relocated. The Project is also in compliance with International Finance Corporation (IFC)’s Performance Standards and Asian Development Bank Safeguard Policy Statements. To meet such requirements and to face the prospective challenges from civil society, NGOs, Government and local communities, KOEN facilitated Mira Power to adopt a comprehensive approach of sustainable development. 2. STEPS TOWARDS SUSTAINABLE DEVELOPMENT To achieve sustainable development plan Mira Power has adopted flawless strategy and devised following best possible plans:  Biodiversity Action Plan  Land Acquisition and Resettlement Plan  Livelihood Restoration and CSR Plan  Stakeholders Engagement Plan  Sustainable Mining Plan  Security Management Plan  Construction E&S Management Plan  Health and Safety Plan 656