ISLAMABAD: The government of Pakistan on Tuesday signed an agreement with the Asian Development Bank (ADB) for a $200million loan for the uplift of the power sector.
The agreement was signed by the Secretary Economic Affairs Division, Dr. Kazim Niaz, and the Deputy Country Director ADB, Asad Aleem, the press release said.
Under the agreement, three of the power distribution companies — Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Sukkur Electric Power Company (SEPCO) — will benefit from the agreement, the spokesperson added.
The project will support distribution companies through advanced metering infrastructure, data management systems, and asset performance management systems (APMS).
On this occasion, Secretary Dr. Kazim Niaz emphasized the timely and efficient utilisation of ADB loan and urged all concerned, in particular the DISCOs, to ensure the completion of the project within the stipulated timeframe.
The secretary further expressed appreciation for ADB’s role as a reliable development partner, and its continued support in Pakistan’s critical power sector. “The project was designed to upgrade and modernise the power distribution system with a focus on minimizing substantial energy losses during distribution,” he maintained.
Representative of Manila-based lender, Asad Aleem expressed gratitude for the government of Pakistan’s proactive engagement and support towards this project.
He assured that ADB would continue to work closely with the Ministry of Economic Affairs and other stakeholders to ensure its support aligns with Pakistan’s development priorities.
