ADB plans to invest $2 billion in energy sector over next three years

ISLAMABAD: Asian Development Bank (ADB) has planned to invest $2 billion in the energy sector of Pakistan during the coming three years.

This was stated by a high-level ADB team headed by Director General for Central and West Asia Department, Werner Liepach which called on Federal Minister for Power Omar Ayub Khan and Special Assistant to PM on Petroleum Nadeem Babar here in Islamabad.

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 ADB 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 the Council of Common Interest (CCI) in its scheduled meeting 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 variously perused and implemented by the Power Division resulting in a considerable reduction in its growth from Rs.39 Billion a month to Rs. 12 Billion per month, meeting informed.

The ADB team expressed satisfaction over the step taken by the power division and terms the efforts a positive for the sector growth.

Country Director ADB in Pakistan, Xiaohong Yang was also present during the meeting.