World Bank to Supply USD 195 Million to Power Companies
Thursday (December 23) in Islamabad, the World Bank (WB) and the Federal government reportedly inked a loan agreement for USD 193 million to upgrade the country’s energy supply line. The Electricity Distribution Efficiency Improvement Project will aid with infrastructure construction.
World Bank Country Director Najy Benhassine and Federal Secretary for Economic Affairs Mian Asad Hayaud Din signed the deal. The arrangement comprises both a loan for infrastructure expansion and technical assistance for power distribution firms. The loan will help the Hyderabad Electric Supply Company (HESCO), Multan Electric Power Company (MEPCO), and Peshawar Electric Supply Company (PESCO) achieve their long-term supply goals. The project will improve technical viability and reduce power losses caused by damaged power lines.
Additionally, the project encourages the provision of dependable energy services to residential, agricultural, commercial, and industrial customers, as well as the reduction of carbon emissions. Additionally, the project will aid in the implementation of the Power Division’s National Electricity Policy 2021 and reforms to the power sector.
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