Pakistan Signs $200 Million Loan Agreement with ADB to Enhance Power Sector
Loan to Enhance Operations and Infrastructure of Major Power Distribution Companies
Islamabad: The Pakistani government has signed a $200 million loan agreement with the Asian Development Bank (ADB) to support the development and modernization of the country’s power sector. The agreement, finalized on Tuesday, aims to improve power distribution and enhance infrastructure across the nation.
The loan agreement was signed by the Secretary of the Ministry of Economic Affairs on behalf of the Government of Pakistan, while the Deputy Country Director of ADB represented the bank in the signing ceremony. According to a spokesperson from the Ministry of Economic Affairs, the $200 million loan will be utilized to uplift the power sector and strengthen the distribution network.
The spokesperson further confirmed that the funds would primarily benefit three major power distribution companies: Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Sukkur Electric Power Company (SEPCO). These companies will use the loan to improve their operations, infrastructure, and service delivery to consumers.
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This loan marks a significant step in Pakistan’s efforts to address energy sector challenges and improve the overall power supply to the country. The government is hopeful that this financial support from the ADB will help improve electricity distribution, reduce power outages, and ensure a more reliable and efficient energy system for consumers across Pakistan.
