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Pakistan : PAKISTAN gets US $ 400 million from ADB to tackle CHRONIC ENERGY CRISIS

May 5, 2014

US $ 400 million has been secured by Pakistan from the Asian Development Bank (ADB) on account of support to the government's ongoing reforms to undertake the country's chronic energy crisis.

In recognition of government's commitment to execute reforms, specially those in the energy sector, the ADB on April 24, 2014 had sanctioned the loan worth of $400 million for Pakistan and an agreement to this effect was inked on April 28th at the Finance Ministry.

Already, the Finance Minister Senator Ishaq Dar had pointed out that coal power projects would be establishing in different parts of the country with the help the soft loan that is almost a free loan and reflected the trust of the international community in the government's efforts to improve the economy.

According to a statement issued by the Finance Ministry here, the loan is part of an assistance programme which will underwrite reforms needed to make the energy sector affordable, reliable, sustainable and secure.

It would speed up industrial activity required to promote economic growth and help create jobs, which are keys to cutting down poverty levels.

It is anticipated that the full programme is to amount $1.2 billion, with future commitments.

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Source: TendersInfo (India)

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