Government of Pakistan, Asian Development Bank sign loan agreement of US$ 167.2 million for power sector
Islamabad, April 30, 2014 (PPI-OT): Government of Pakistan and Asian Development Bank signed a loan agreement for US$ 167.2 million for Power Distribution Enhancement Investment Program (Tranche-4) today at Economic Affairs Division.
The loan agreement was signed by Ms. Nargis Sethi, Secretary, Economic Affairs Division and Mr. Werner E. Liepach, Country Director-ADB.
ADB is providing Ordinary Capital Resources (OCR) Loan to Pakistan to the tune of US $ 167.2 million. The Project aims to reduce the overloading and increase the capacity of the power distribution system in the project area through system augmentation and expansion.
The project includes augmentation and extension of existing 132 KV power transformers at substations of the Secondary Transmission Grid to add up to 5,021 megavolt amperes of transformers capacity. Replacement of overloaded distribution transformers with transformers of higher capacity, and the installation of additional distribution transformers capacity on 11 kilovolt feeders are also part of the project.
The Secretary EAD while appreciating the ADB’s role in development of energy sector said that the objective of the Investment Program is to provide adequate and reliable power supply to a greater number of industrial, commercial and residential consumers. She added that as a part of the Investment Program, the Project aims to reduce the overloading and increase the capacity of the power distribution system in the project area through system augmentation and expansion.
She expressed great satisfaction over the successful negotiations and culminating into signing of this Loan Agreement, Power Distribution Enhancement Investment Program – Tranche-4.
She appreciated ADB for working with the Government in the development for the energy sector. She said that Government of Pakistan looks forward to continue working closely with ADB, a common purpose of improving Pakistan’s economic prospects.
Country Director ADB, Mr. Werner E. Liepach, resolved that Pakistan and ADB’s development partnership will continue to grow further in the coming days.
For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
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Category: Press Information Department