Inside Financial Markets

Pakistan, Asian Development Bank sign $325mn clean energy Agreement

Pakistan and Asian Development Bank (ADB) Tuesday signed a loan agreement US$325 million to improve facilities in education and health sectors of Khyber Pakhtunkhwa and Punjab by providing clean energy.

The ‘Results-Based Loan: Access to Clean Energy Investment Programme’ was signed by, Additional Secretary, Economic Affairs Division (EAD), Anjum Assad Amin and Country Director ADB, Werner E. Liepach.

Speaking on this occasion, Finance Minister, Senator Mohammad Ishaq Dar said $237 million of the loan would be utilized in Khber Pakhtunkhwa on installation of approximately 1,000 micro-hydropower plants while approximately $87 million would be spent in Punjab on installation of solar facilities in approximately 17,400 schools and public health facilities.

Dar thanked the ADB for providing assistance to Pakistan for developing such facilities in Pakistan.

Country Director ADB said this investment would directly target poor people and help to improve their livelihood.

He said there was a close nexus between infrastructure and living standards adding through this project millions of people would have access to better facilities.

As per agreement, the ADB’s financial assistance would target off-grid areas of Khyber Pakhtunkhwa and Punjab and contribute to Pakistan’s national goal of enhanced energy security.

The programme would be implemented over a period of five years (2017-2021) and would be gender sensitive, providing 7% (70) micro hydro power plants to the women headed household in Khyber Pakthunkhwa.

At least 30% of schools being installed with solar facilities under the project are girls schools in each province.

It also includes provision of training to women to equip them to use the benefits resulting from the availability of electricity in each province.

The project would strengthen procurement, monitoring and internal audit functions of Khyber Pakhtunkhwa and Punjab including the establishment of an information and communications technology driven programme performance monitoring system.

In Khyber Pakhtunkhwa, the fund would be spent on installation of approximately 1,000 micro-hydropower plants in off-grid locations, with at least 7% of the households connected to the micro-hydropower plants being women-headed households.

The installation of solar facilities in approximately 8,187 schools and public health facilities in Khyber Pakhtunkhwa, with at least 30% of the said girls schools are also included in the programme.

While in Punjab, the fund would be utilized for installation of solar facilities in approximately 17,400 schools and public health facilities, with at least 30% girls schools.

It would also include the installation of a solar facility in the University of Bahawalpur.

Baqar Hussain

A Wannabe CFO, just had stepped in the corporate sector, willing to explore every aspect here and learn as mush as i can, awareness for those who dont, get the info where ever possible and stay up to date always.

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)