News Column

ADB to provide USD 900 mln for power project in S. Pakistan

February 13, 2014

| ISLAMABAD, Feb 12 (KUNA) -- Pakistan and Asian Development Bank (ADB) on Wednesday signed a loan agreement under which the bank would provide USD 900 million for Jamshoro coal-fired power generation plant in southern Sindh province.

According to an official press release, Federal Minister for Finance Senator Mohamamd Ishaq Dar and ADB Vice President, Wencai Zhang and other officials of finance ministry and ADB witnessed the signing ceremony. Through Jamshoro Power Generation Project, two new super-critical coal-fired powers generation units with the capacity of 2x600 MW will be constructed in Sindh province.

Federal Minister for Finance Senator Mohammad Ishaq Dar in a press statement said that the objective of the proposed project is to increase affordable, reliable power generation and reduce power shortages in Pakistan.

He further said that in addition to ADBs current policy that includes promotion of sustainable growth rate and poverty reduction, the bank is now focusing on helping Pakistan to overcome its energy problems. "ADB would be providing USD 3 to 3.2 billion in next couple of years that would help socioeconomic development of the country," he added.

ADB Vice President on the occasion said that the project would boost low-cost power supply and improves countrys energy mix. He added, "Diversifying to coal will help the country to cut down its electricity generation cost and reduce its oil import." (end) KUNA 121756 Feb 14NNNN

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Source: Kuwait News Agency

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