A hydropower plant in Pakistan has received investment worth $50 million (£31.5m).

International Finance Corporation (IFC), a member of the World Bank, which is providing the cash is also helping mobilise around $72 million (£45.36m) for the project.

It aims to support lower cost energy generation and help develop renewable energy sources.

Called Gulpur Hydro Project, it is being developed by South Korean energy company Mira Power, which will build and operate the plant located 167km from Islamabad.

It is expected to have a capacity of 102MW.

Wiebke Schloemer, IFC Regional Industry Head for Infrastructure, Europe, Middle East and North Africa said: “Our aim is to help address Pakistan’s power shortage by supporting the development of renewable energy resources that will reduce the country’s reliance on more expensive fuel imports for power generation. We also hope to encourage other international investors to invest in Pakistan’s power sector.”