ADB to provide $2.9b for power
STAFF REPORT IBD: The Asian Development Bank (ADB) has committed a financing facility of $2.9 billion over a medium term for the government of Pakistan to enhance power generation system in the country.
“Following the tight energy crises in the country, the government has approved a package of power sector reforms in order to settle this energy crisis, which is under implementation,” sources closed this development said.
They said that the key purpose of these reforms is to further develop the power sector to boost power generation and replace inefficient power production plants in the country.
“The government has entered into an agreement with ADB for enhancement of investment programme to the tune of $243 million,” the sources further said adding under this initiative new transmission lines would be lain. This would help reduce the transmission and distribution losses that have been reached 22.42 per cent thus resulting into loss of billion of rupees to the economy.
These reforms would provide adequate and reliable power supply to commercial and residential consumers while it would also provide an opportunity to complete the requirements of industries.