Asian Development Bank will extend finance worth $ 300 million for of the Sustainable Energy Sector Reform Program (Subprogram III). The reform program will help in improving the financial viability of the power sector by better managing tariff and subsidies, improving sector performance and opening the market to private participation. This will result in better transparency and accountability of institutions in the power sector. In this regard, ADB, Friday, signed a loan agreement with Economic Affairs Division (EAD). Secretary Economic Affairs Division (EAD) Tariq Pasha and Country Director Xiaohong Yang , signed the Loan documents on behalf their respective sides. The principal objectives of the said program are to improve the reliability, sustainability and affordability of the government’s energy sector in order to support economic growth. Speaking on the occasion, the Finance Minister congratulated ADB, EAD and Finance Division on successful negotiations leading to the signing of loan agreement. He expressed appreciation for ADB’s continued support and partnership with Pakistan, including in the energy sector.
The Finance Minister reiterated the government’s determination to resolve the issue of energy in Pakistan. He said that additional electricity will be added to the national grid by early 2018 through completion of ongoing projects, which will significantly reduce load-shedding.
Meanwhile, chairing a meeting here to review the progress on the development of border crossing complexes at Torkham and Chaman as part of the Integrated Transit Trade Management System (ITTMS) project, Finance Minister Ishaq Dar, Friday, appreciated the efforts of all stakeholders, including Asian Development Bank (ADB), in ensuring satisfactory progress on border crossing complexes at Torkham and Chaman. He said that the project is based on the vision of the government to develop Pakistan as an economic corridor and enhance regional connectivity.
Finance Minister said that the project, once completed, would result in significant reduction in processing times at the border crossing points in Torkham and Chaman.
Finance Secretary, Secretary Economic Affairs Division, Quartermaster General of Pakistan Army, Country Director Asian Development Bank (ADB),DG NLC, Project Director ITTMS at FBR, and senior officials of the Ministry of Finance, ADB, and Infrastructure Project Development Facility participated in the meeting.
The Project Director updated the Finance Minister regarding the progress of the project. DG NLC briefed the meeting regarding the technical aspects of the project. NLC has been assigned to carry out the civil works of the project on the two sites.
Country Director ADB informed the meeting that ADB considers it as an important project due to its significance in the context of the corridor for trade envisaged under the Central Asia Regional Economic Cooperation (CAREC). Finance Minister urged all stakeholders to ensure completion of the project in accordance with the scheduled timelines.