Islamabad (TDI): Pakistan and the Asian Development Bank (ADB) have signed two major initiatives with a combined value of $730 million, aimed at strengthening the country’s energy infrastructure and improving the performance of state-owned enterprises.
The agreements include the Second Power Transmission Strengthening Project, valued at $330 million, and the Accelerating State-Owned Enterprise (SOE) Transformation Programme, amounting to $400 million.
Speaking at the signing ceremony, Muhammad Humair Karim, Secretary of the Ministry of Economic Affairs, thanked ADB for its continued support and described the institution as a trusted development partner of Pakistan.
He said the transmission project would enable the reliable evacuation of around 2,300 megawatts of electricity from upcoming hydropower projects, reduce overloading on existing transmission lines, and improve the resilience of the national grid during contingency situations.
He added that the SOE Transformation Programme would strengthen compliance with the SOE Act 2023 and the SOE Policy 2023, while improving operational efficiency across state-owned enterprises, with a particular focus on the National Highway Authority (NHA).
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According to the secretary, both initiatives are transformative, with the transmission project securing Pakistan’s energy future and the SOE programme enhancing transparency, efficiency, and long-term sustainability of public sector entities.
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ADB Country Director Emma Fan welcomed Pakistan’s strong commitment to the initiatives, highlighting the importance of the power transmission project in reinforcing the country’s energy infrastructure. She also noted that the SOE Transformation Programme comes at a critical time and will further support the government’s ongoing reform efforts.
Both sides reaffirmed their commitment to ensuring effective utilization of the financing and the timely and successful implementation of the two initiatives
Sohail Majeed
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
