ISLAMABAD – In a positive development, Pakistan seek another $2 billionforeign investment.
Asian Development Bank plans to invest two billion dollars in the energysector during the next three years. This was stated by a high-level ADBteam headed by Director General for Central and West Asia Department WernerLiepach during a meeting with Federal Minister for Power Omar Ayub Khan inIslamabad on Wednesday.
Country Director ADB in Pakistan, Ms. Xiaohong Yang was also present duringthe meeting.
The meeting took stock of ADB funded projects in the energy sector and itwas decided that a comprehensive portfolio review meeting will be held bythe end of this month between Power Division and the Bank to steer theprojects to their logical culmination. It was also agreed that all effortsby both sides will be made to ensure maximum transparency during theexecution of projects.
During the meeting the ADB showed interest in facilitating technicalstudies for the gas storage facility in Pakistan.
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The ADB team was apprised of approval of New Renewable Energy Policy whichwill be placed before Council of Common Interest by the end of this month.The team was briefed regarding various steps taken by the Power Division toboost the efficiency of the system and campaign against power theft. Thecircular debt capping plan is also being vigorously perused and implementedby the Power Division resulting in considerable reduction in its growthfrom 39 Billion rupees a month to 12 Billion per month.
The ADB team expressed satisfaction over the steps taken by the PowerDivision and termed the efforts a positive for the sector growth.
