ISLAMABAD: Pakistan on Saturday received $400 million from the Asian Development Bank (ADB), as part of its five-year $1.2 billion programme for energy sector reforms.
The Asian Development Bank had, on April 24 2014, approved the loan worth of $400 million for Pakistan and an agreement to this effect was signed on April 28 at the Finance Ministry.
The loan is part of an assistance program which will underwrite reforms needed to make the energy sector affordable, reliable, sustainable and secure. The move is expected to accelerate industrial activity needed to boost economic growth and help create jobs.
DPC agreements signed with World Bank
Pakistan’s ambassador to the US Jalil Abbas Jilani on Saturday signed two Developmental Policy Credit Agreements on behalf of the Government of Pakistan at the World Bank today.
Philippe H. Le Houerou, Vice President of the World Bank Group’s South Asia Region signed the Agreements on behalf of the World Bank.
The Policy Credit Agreements include: (i) Pakistan First Power Sector Developmental Policy Credit amounting to US $ 600 million; and (ii) Fiscally Sustainable and Inclusive Growth Developmental Policy Credit worth US $ 400 million.
The financing is meant to help reform Pakistan’s power system, making it more efficient and consumer oriented.
Meanwhile, the Sustainable and Inclusive Growth Developmental Policy financing seeks to support the government’s efforts to promote private and financial sector development, expand social protection for the poor through enhanced revenue mobilization.
The World Bank had also approved a Country Partnership Strategy for Pakistan for the period 2015-19 with a total outlay of $11 billion and allocation of $ 125 million by the IFC for setting up a Three Gorges subsidiary in Pakistan to finance energy related projects.
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