ISLAMABAD: Pakistan and Asian Development Bank (ADB) signed $200 million loan agreement for power distribution strengthening project.
The loan agreement was signed between the Ministry of Economic Affairs and ADB for the power distribution project. The signing ceremony was held in the Ministry of Economic Affairs, here on Tuesday.
After the approval of Federal Minister of Economic Affairs Ahad Cheema, Secretary Dr Kazim Niaz signed the agreement on behalf of the Ministry of Economic Affairs; while Deputy Country Director Asad Aleem signed on behalf of the ADB.
Modernising power distribution infrastructure: $530m loan approved by ADB
The project will initially support three distribution companies— Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Sukkur Electric Power Company (SEPCO)— through advanced metering infrastructure, data management systems, and asset performance management system (APMS).
On this occasion, Secretary Dr Kazim Niaz emphasised timely and efficient utilisation of ADB loan and urged all concerned, in particular, the Discos, to ensure completion of the project within the stipulated timeframe.
The secretary further expressed appreciation for ADB’s role as a reliable development partner, and its continued support in Pakistan’s critical power sector. The secretary added that the project was designed to upgrade and modernise power distribution system with a focus on minimising substantial energy losses during distribution.
Deputy Country Director Asad Aleem expressed gratitude for the Government of Pakistan’s proactive engagement and support towards this project. He assured that ADB will continue to work closely with the Ministry of Economic Affairs and other stakeholders to ensure its support aligns with Pakistan’s development priorities.
Copyright Business Recorder, 2024
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