IFC to assist Pakistan fight with energy crisis

STAFF REPORT ISB: The International Finance Corporation (IFC), a member of the World Bank Group has vowed to cooperate Pakistan to address the long held energy crisis. IFC announced to invest $50 million in Gulpur Hydropower Project that will generate 100MW electricity.

The Gulpur project is developed by subsidiary of Korea South East Power Co. Ltd (KOSEP) i.e. Mira Power Limited and is the first venture in Pakistan.

Wiebke Schloemer, IFC Regional Industry Head for Infrastructure, Europe, Middle East and North Africa said, “It is our priority to assist Pakistan to come out of the hoax of energy crisis by opting renewable energy sources and decelerating the dependence on fossil fuel thus assuring the environmentally sustainable clean energy.”

General Manager KOSEP, Yi Bo Seuk said, “The investment offered by IFC is very crucial for Pakistan.

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