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August 26, 2011

ADB assures funding for Diamer-Bhasha dam

 
August 26, 2011

ISLAMABAD: The Asian Development Bank (ADB) is considering various options to finance the multi billion-dollar Diamer-Bhasha dam project, Director General ADB Jaun Miranda told Federal Minister for Water and Power, Syed Naveed Qamar, here on Thursday, says a press release.
The ADB also agreed to provide counter guarantees to investors for investing in wind power generation projects in Pakistan. The wind power generation projects will generate cheaper electricity in the country.
Miranda said that the bank is already providing financial assistance for a power distribution enhancement project and will continue its support for the project in order to improve energy efficiency.
The transmission and distribution system and energy loss reduction programme is also being funded by ADB for all distribution companies (Discos.)
Miranda said that the bank is ready to expand its funding to replace the obsolete distribution network. The bank will provide financial assistance for the free distribution of 30 million energy saver bulbs (CFLs) in the country. These energy savers will help reduce peak hours demand over 1,000 MW. He also said that the bank would fully support energy conservation initiatives of the government.
Qamar appreciated the role of ADB for the improvement of the energy sector and said that the support of the bank for the energy efficiency programme would help to save energy and reduce transmission and distribution losses. He also thanked ADB for providing a counter guarantee facility for wind power projects. He briefed the ADB delegation about new energy sector improvement initiatives like Operation and Maintenance contract of Gencos through the private sector and conversion of existing IPPs to cheaper fuels. He also asked the ADB to finance mega water and power sector projects to end the crises in these sectors.
The ADB director also discussed the current status of power sector reforms, energy efficiency programmes, central power

purchasing agency, and independence of Discos. Qamar assured Miranda that all efforts would be made for the time timely completion of existing projects being funded by ADB. The meeting was also attended by Secretary Imtiaz Kazi, Chairman Wapda, MD Pepco and NTDC and CEO AEDB.

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