The government of Pakistan has signed an agreement with the EXIM Bank of China to provide USD 448 million for the 969 Mega Watt Neelum Jehlum Hydropower Project. Official sources said on Wednesday the hydropower plant is being constructed on River Neelum in Azad Kashmir, and the agreement aims to obtain funds for the remaining work on the project, adding that the Water and Power Development Authority (WAPDA) is trying to complete it by 2016 to meet energy needs. Up to 34.24 kilometers of the total 67-km-long tunnels have so far been excavated, work on excavation of under-ground powerhouse has been completed by 75.24 percent, transformers hall by 96.33 percent, and de-sander of the project by 95 percent. The project will contribute 5.15 billion units per year of cheap electricity to the national grid after its completion. Annual benefits estimated by the project are Rs 45 billion. (One Kuwaiti dinar equals some 340 Pakistani rupees).