ADB, AFD approve over $400mn for Pak energy reforms - FINANCIAL-24
ISLAMABAD: The Asian Development Bank (ADB) and the Agence Francaise de Development (AFD) on Friday approved over $400 million in loans to support Pakistan's efforts to provide a more reliable and secure energy sector, the Bank said Friday.
The $300 million in ADB assistance, the third such loan under the Sustainable Energy Sector Reform program, brings the bank's total financing to $1 billion since 2014. AFD will add €100 million in cofinancing.
Xiaohong Yang, ADB's Country Director for Pakistan and Tariq Mahmood Pasha, Secretary Economic Affairs Division (EAD) for the Government of Pakistan, signed the ADB loan agreement. Federal Finance Minister Senator Ishaq Dar witnessed the signing at a ceremony in Islamabad.
"Pakistan's ambitious energy reform program demonstrates the government's commitment to improve the reliability, sustainability, and affordability of the energy sector," said Yang. "Maintaining the momentum for reform will help ensure that all Pakistanis have access to electricity, while keeping the economy on an inclusive, sustained growth path."
Under the program, Pakistan has embarked on a substantial reform initiative that will reducing energy subsidies and adjust tariff policy, improve sector performance and open the market to private participation, and increase accountability and transparency. The reform measures aim to address financial viability and reduce costs to taxpayers.
Specific measures include recently agreed legislation that will improve governance through more clearly defined roles for both the government and the energy sector regulator, and reduce debt levels in the energy sector.
"As co-financing partner in the reforms project, AFD is committed to promoting green energies in Pakistan through investments in low-carbon-emission energy generation in line with COP21 Paris agreement approved by the Parliament of Pakistan," said Jacky Amprou, AFD Country Director for Pakistan.
ADB is Pakistan's largest development partner in the energy sector with a focus on investments, reforms to strengthen governance and promote structural transformation, effective implementation of projects and programs, capacity development, and promotion of regional power and gas trading initiatives. For the last ten years, AFD has been promoting green energies in Pakistan through investments in low-carbon-emission energy generation in line with COP21 Paris agreement approved by the Parliament of Pakistan.
ADB and AFD are committed to support the Government of Pakistan's strategy to solve the energy crisis and to fight climate change, including through Vision 2025, Pakistan's comprehensive plan for economic growth. The plan aims to increase power generation, provide uninterrupted electricity to all, and improve demand management.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members - 48 from the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in cofinancing. - NNI
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