WB pledges US$3bn for infrastructure in Pakistan

According to a press release from the Power Division on Monday, the World Bank (WB) has agreed to give Pakistan more than $3 billion for infrastructure development in the energy sector.

The Dasu hydropower project will also receive help from the international lender. “The World Bank is assisting in energy efficiency and conservation programmes, apart from helping provinces in installing solar projects,” it said.

The resolution was announced after Khurram Dastgir, the energy minister, and a group from the World Bank met.

The hike in electricity tariffs, which Dastgir described as “politically difficult,” was one of the “tough and difficult decisions” the administration has made in the power sector, but he assured the delegation that it was committed to achieving sustainability in the energy sector.

The minister declared that the administration is committed to helping the average person. The minister was grateful that the Bank acknowledged the difficulties the nation was facing and the difficult decisions that had to be made as a result.

He continued by saying that the economy and energy sector of Pakistan had been devastated by climate change. The CASA-1000 and Dasu power projects were also included in the briefing for the delegation.

Punjab and Khyber Pakhtunkhwa will receive separate loans totalling $500 million according to two agreements the World Bank and the government reached last week. The loans totalled $300 million for the Khyber Pakhtunkhwa Accessibility Project and $200 million for the Punjab Resilient and Inclusive Agriculture Transformation Project.

Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.

Contact us