Pakistan is set to receive $300M from the Asian Development Bank to boost its Sustainable Energy Sector Reforms program. The agreement was signed in Islamabad by the Asian Development Bank Director and the Finance Minister.
The agreement between the government of Pakistan and the Asian Development Bank will see the ADB help Pakistan to attain sustainable, reliable be affordable energy for the citizens.
The Finance Minister noted that the pace of development of the economy was heavily dependent on the energy sector and that the ministry and the government were committed to providing the required energy for the country. He also stated that, after November this year, power load-shedding would be a thing of the past since the government was working tirelessly to ensure it does not occur anymore.
The Minister also lauded the progress Pakistan has made so far in the energy sector with the help of the ADB. The Sustainable Energy Sector Reforms program, he said, was meant to be of great benefit to the people of Pakistan.
The ADB expressed its appreciation for the progress made by the government of Pakistan as far as providing affordable and sustainable energy was concerned.
All those in attendance during the signing of the agreement between the Pakistan government and the ADB agreed that the availability of reliable energy was important for the development of any economy in the world. With the agreement of the two parties, it is hoped that things will only keep getting better for the energy sector.
The ADB made an agreement with Pakistan after seeing the economy of Pakistan growing at a very fast pace. Sectors such as the information technology were heavily reliant on the availability of power in the country.
The agreement has come at a time when a lot of interest is being expressed in the Pakistan energy sector. Just recently, China’s Shanghai Electric Power Company reaffirmed its intentions to acquire a controlling stake in K-Electric Limited. Such deals and agreements are all focused on the provision of affordable and reliable energy for the country’s development agenda.