Islamabad (TDI): The Ministry of Economic Affairs on Tuesday signed a $200 million loan agreement with the Asian Development Bank (ADB) to improve Pakistan’s power distribution system.
The signing ceremony took place at the Ministry of Economic Affairs, according to a press release.
Federal Minister of Economic Affairs Ahad Cheema oversaw the agreement. Secretary Dr Kazim Niaz signed on behalf of the ministry, while Deputy Country Director Asad Aleem represented the ADB.
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The project will initially benefit three power distribution companies: Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Sukkur Electric Power Company (SEPCO) through data management systems, an asset performance management system (APMS), and sophisticated metering infrastructure.
Secretary Dr Kazim Niaz said it was crucial to use the ADB money effectively and finish the project on schedule. He also urged the participating power firms to ensure that the project does not exceed the deadline.
According to the Secretary, the project’s goal is to lower energy losses by updating and modernizing the electricity distribution infrastructure.
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Asad Aleem, Deputy Country Director, expressed gratitude to the Pakistani government for its proactive involvement in this initiative.
He promised that the Ministry of Economic Affairs and other stakeholders will continue to receive assistance from the ADB in order to align its efforts with Pakistan’s development goals.
He assured that the ADB will continue working with the Ministry of Economic Affairs and other stakeholders to align its efforts with Pakistan’s development goals.
