Export facility: UK urges Pakistan to use unutilized credit line

ISLAMABAD: "The United Kingdom (UK) has urged Pakistan to use un-utilised credit line for export credit facility amounting to $1.5 billion for projects."

Dr Christian Turner, High Commissioner of the United Kingdom in Pakistan, stated this while calling on Nadeem Babar, Special Assistant to the Prime Minister on Petroleum at the Petroleum Division on Thursday. He also indicated that approximately USD 1.5 billion of credit line for export credit facility remained largely unused, and urged Pakistani projects to utilise it more.

The high commissioner commended the initiatives taken by the current government to revamp the energy sector, and said that the UK looked at Pakistani energy market as of great potential.

He shared British companies were keen to invest in the energy sector of Pakistan especially in off-grid solutions and distribution, and generation system. The SAPM shared the structural reforms being carried out in the energy sector in view of newly-promulgated Renewable Energy Policy of Pakistan.

He said that the government had set an ambitious target to introduce 20 percent renewable energy by 2025, and 30 percent by end of 2030. With an additional share of 30-40 percent hydel power generation, Pakistan will have the cleanest generation mix as a result, he added.

Copyright Business Recorder, 2020