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February 16, 2007

ADB to invest $3bn for improvement of power sector

 
February 16, 2007

ISLAMABAD: The Asian Development Bank (ADB) will invest $3 billion dollars in Pakistan for improvement of power transmission and distribution system in the next three years.

This was said by Dr Peter Fedon, Country Director of ADB in Pakistan while talking to Federal Minister of Water and Power Liaquat Ali Jatoi here on Thursday. The Bank has assured of their technical and financial support for major water and power sector projects.

The ADB assistance will be used in up-gradation of power distribution systems and transmission lines in order to increase system efficiency and supply of electricity to consumers besides major rehabilitation and infrastructure projects in the water sector.

The minister informed that Pakistan is making rapid economic growth, which is the result of viable economic activities in the country. He stated that the confidence of domestic and foreign investors is gaining new heights and the economy is now more stable, backed by transparent policies and good governance.

He also informed the delegation that Pakistan is also focusing on alternative energy projects such as wind power, solar energy, coal-based generation and hydel power and that the Bank’s support in this sector will be of great help.

Jatoi further informed that the power sector is currently undergoing reforms and restructuring and necessary groundwork has been done in this regard, which are fully supported by the ADB.

He said that the power sector needed to increase its generation capacity, efficiency and coverage to achieve the economic growth targets, set by the government. He also stressed the need for coordinated meetings of the donors to expedite the progress of projects. He urged active role of the ADB in financing Diamer-Basha dam and other mega water sector projects including next phase of flood protection programme.

Fedon praised the efforts of the government to maintain stable economic growth and offered both technical

and financial assistance in this regard. He said that the ADB will focus on financial assistance of $500 million for renewable energy development, $1,200 million for power transmission enhancement, $250 million for power distribution enhancement and $800 million for irrigated agriculture and water resources projects besides a number of technical assistance programmes for capacity building and relevant studies.

He also informed about the new instruments of the bank for private sector partnership in infrastructure development in Pakistan. Secretary and Adviser of the ministry also attended the meeting.