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Pakistan Signs $200 Million Loan Agreement with ADB

Pakistan signs a $200M ADB loan agreement for power distribution upgrades, boosting efficiency and reducing energy losses. [Image via PTV]

Pakistan And Asian Development Bank (ADB) signed a $200 million loan agreement for power distribution strengthening project.

Dr. Kazim Niaz, Secretary of the Economic Affairs Division (EAD), and Asad Aleem, ADB Deputy Country Director, signed the loan agreement between Pakistan and ADB.

Also See: Govt unveils ‘Uraan Pakistan’ 5-year National Economic Transforma­tion Plan

The project will initially support three distribution companies through advanced metering infrastructure, data management systems and asset performance management system.

On this occasion, Secretary Dr. Kazim Niaz emphasized timely and efficient utilization of ADB loan and urged all concerned to ensure completion of the project within the stipulated timeframe.

The Secretary said that the project was designed to upgrade and modernize power distribution system and minimize substantial energy losses.

Asad Aleem assures ADB would continue to work closely with the ministry of economic affairs and other stakeholders to ensure its support aligns with Pakistan’s development priorities.

This news is sourced from PTV and is intended for informational purposes only.

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