ADB to finance $300 million in sustainable energy sector reforms program

ADB to finance $300 million in sustainable energy sector reforms program

ISLAMABAD: Asian Development Bank (ADB) will provide $300 million dollars to Pakistan for financing of Sustainable Energy Sector Reforms program.

An agreement to this effect was signed by Secretary Economic Affairs Division Tariq Pasha and ADB`s Country Director Xiaohang Yang in Islamabad on Friday.

Finance Minister Ishaq Dar also witnessed the signing ceremony.

Under the agreement, the Bank will assist Pakistan in improving reliability, affordability and sustainability of energy sector to support the economic growth.

Speaking on the occasion, the Finance Minister said energy sector is central to this program and our efforts in this sector will impact the overall economic progress of the country.

He expressed the confidence that there would be no power load-shedding after November this year.

He said our focus is an actionable and credible program that can be supported over the medium term by ADB.

He said the ADB is appreciative of the achievements Pakistan has made so far to overcome the challenges of energy sector.

On the occasion, the Country Director ADB Xiaohang Yang said agreement is important as Pakistan is making strong efforts to end the energy crisis.

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