Asian Development Bank and Pakistan sign $400m Loan Agreement

It was recently reported from Islamabad that the Asian Development Bank and Pakistan have signed a loan agreement of $400 million so that the power crisis in the country can be eradicated.

Pakistan has been going through energy problems for quite some time now. The people of the country find it difficult to survive during the summers as the load shedding hours can amount up to 12-16 hours in a single day. This means that not only the production is hindered; in fact, it is hard for the locals to survive as well.

The Finance Minister of Pakistan, Ishaq Dar, has also revealed that even the World Bank is on the verge of agreeing a loan worth $1.1 billion; which is expected to work out for the country for up to five years, as they are currently trying to overcome the energy crisis. Ishaq Dar stated that this loan will be announced in Washington DC on 1^st of May 2014.

During an announcement the ADB’s country director for Pakistan, Werner E Liepach said, “The programme loan will support key reforms in the energy sector to enable Pakistan to ensure uninterrupted supply of cheaper and dependable power to millions of industrial and private consumers who are presently adversely affected by long hours of power outages.” 

Short URL: https://www.newspakistan.pk/?p=43419

Posted by Ahmad Mehdi on Apr 29 2014. Filed under Business, Latest News, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.