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ADB to provide $780 mln to finance energy program in Pakistan
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19:54, September 17, 2009

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The Asian Development Bank (ADB) is extending 780 million U.S. dollars in loans to Pakistan through a multi-tranche financing facility for priority energy efficiency projects that will secure the country's growing energy needs and reduce its reliance on costly, polluting fossil fuels.

Cofinancing equivalent to 150 million U.S. dollars will be provided by Agence Francaise de Developpement, with the government financing 200 million U.S. dollars equivalent.

The ADB said the 1.18 billion-U.S.-dollar Energy Efficiency Investment Program underpins Pakistan's first-ever initiative to make both the pursuit of energy security and low-carbon growth a single strategic priority.

The program will help the government reduce public expenditures and subsidies, easing the debt problem in the power sector which has weighed on attempts at improvements in the past, the ADB said.

It also removes financial barriers to investment in clean energy technology, opening the way for increased private sector involvement with ADB, and other development partners.

Source: Xinhua



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