In a positive development, Pakistan seek another $2 billion foreign investment
ISLAMABAD - In a positive development, Pakistan seek another $2 billion foreign investment.
Asian Development Bank plans to invest two billion dollars in the energy sector during the next three years. This was stated by a high-level ADB team headed by Director General for Central and West Asia Department Werner Liepach during a meeting with Federal Minister for Power Omar Ayub Khan in Islamabad on Wednesday.
Country Director ADB in Pakistan, Ms. Xiaohong Yang was also present during the meeting.
The meeting took stock of ADB funded projects in the energy sector and it was decided that a comprehensive portfolio review meeting will be held by the end of this month between Power Division and the Bank to steer the projects to their logical culmination. It was also agreed that all efforts by both sides will be made to ensure maximum transparency during the execution of projects.
During the meeting the ADB showed interest in facilitating technical studies for the gas storage facility in Pakistan.
The ADB team was apprised of approval of New Renewable Energy Policy which will 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 to boost the efficiency of the system and campaign against power theft. The circular debt capping plan is also being vigorously perused and implemented by the Power Division resulting in considerable reduction in its growth from 39 Billion rupees a month to 12 Billion per month.
The ADB team expressed satisfaction over the steps taken by the Power Division and termed the efforts a positive for the sector growth.