ADB to provide $325m for clean energy investment programme

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Muhammad Arshad

Islamabad

The Asian Development Bank (ADB) will provide $ 325 million for the Access to Clean Energy Investment Program.
The Project will target off-grid areas of Khyber Pakhtunkhwa and Punjab and will contribute to Pakistan’s national goal of enhanced energy security. Of the $ 325 million loan, $ 237.3 will be utilized for projects in Khyber Pakhtunkhwa, while the remaining $ 87.6 million will be used for projects in Punjab.
The Khyber Pakhtunkhwa component of the project will entail installation of around 1,000 micro-hydropower plants in off-grid locations, and installation of solar facilities in around 8,187 schools and public health facilities.
In Punjab, solar facilities will be installed in around 17,400 schools and public health facilities, with at least 30% of the said schools being girls-only schools. The program will be implemented over a period of 5 years (2017-2021). It includes provision of training to women to equip them to use the benefits resulting from the availability of electricity in each province. The project will also provide for strengthening of the procurement, monitoring and internal audit functions of Khyber Pakhtunkhwa & Punjab including the establishment of an information and communications technology driven Program performance monitoring system.
In this regard, ADB signed a loan agreement with Economic Affairs’ Division (EAD) here on Tuesday. Additional Secretary, Economic Affairs Division (EAD) signed the Loan Agreement with Country Director, ADB.
Speaking on the occasion, Finance Minister Ishaq Dar, said that ADB along with other development partners had contributed significantly for economic development in Pakistan. He appreciated ADB’s continued support, especially for energy and infrastructure sectors which are the top most priority of the government. “ADB has all along been our great partner”, he added.
The Minister referred to the Fitch report which reaffirmed Pakistan’s rating at ‘B’ with a ‘Stable’ outlook. He also mentioned about the Bloomberg report which stated that most of Pakistan’s developments are fairly positive. He stated all this bears testimony to the economic achievements of the present Government through a concerted reforms agenda.
Country Director, ADB Werner Liepach, in his brief comments, stated that the most significant aspect of the project was that it was people centric and as many as 2.6 million students would benefit from it, of which 1.2 million were girls.