ADB to invest $167mn to improve Pakistan's power distribution system
ISLAMABAD: An agreement between Asian Development Bank (ADB) and Government of Pakistan has been signed for the improvement of power distribution system, ARY News reported.
According to the ADB an agreement to this effect was signed by Secretary Economic Affairs Division, Nargis Sethi and ADB's Country Director for Pakistan Werner E. Liepach on Wednesday.
ADB will invest $167 million in upgrading Pakistan's ageing power distribution system.
The ADB will issue the amount loan in four tranches, time to time with the installation of grid stations.
The loan is the continuation of agreement made in 2008 to invest $810 million in priority areas to improve distribution systems and help Pakistan meet its pressing energy needs.