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HomeBusinessPakistan to receive $3bn from World Bank for power sector's infrastructure development

Pakistan to receive $3bn from World Bank for power sector’s infrastructure development

An image of World Bank headquarter. — AFP/File
An image of World Bank headquarter. — AFP/File

ISLAMABAD: Pakistan will receive over $3 billion from World Bank for the development of infrastructure in the power sector, the government announced Monday.

According to an official statement in this regard, the World Bank is assisting in energy efficiency and conservation programmes, apart from helping provinces in installing solar projects.

The commitment came on the heels of a meeting between World Bank officials and Minister for Energy Khurram Dastgir Khan and his team at Power Division.

The delegation was told that the government had taken tough and difficult decisions in the power sector and one of the key measures was an increase in electricity prices.

He said it was politically difficult, but the government was committed to ensuring sustainability in the energy sector.

“The government is committed to providing relief to the common man,” the minister said.

Khan appreciated the World Bank for recognising the challenges faced by the country and the difficult decisions taken in wake of it, according to the statement.

The delegation was also briefed on the CASA-1000 and Dasu power projects.

Earlier, the World Bank also inked two agreements with Pakistan to lend $500 million to the Punjab and Khyber Pakhtunkhwa to fund Punjab Resilient and Inclusive Agriculture Transformation Project worth $200 million and the Khyber Pakhtunkhwa Accessibility Project worth $300 million.

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