Asian Development Bank assures to finance water, power projects

Islamabad: Asian Development Bank (ADB) on Tuesday assured to finance major water and power sector projects and fund energy sector efficiency programmes in Pakistan.

Director General Central West Asia Department Bank, Jaun Miranda expressed these views during a meeting with Federal Minister for Water and Power Syed Naveed Qamar, along with a six-member delegation.

Miranda said the bank is already financing various projects and will further extend its support to mega power sector projects. “The bank will provide financial and technical support to the Diamer Basha Dam project,” he said and added that the process for finalising the modalities will be completed on a fast track.

“The ADB is also financing private sector hydel power projects and will encourage the private sector in this regard,” Miranda said.

The minister, Syed Naveed Qamar while welcoming the delegation said the government is taking all possible measures to improve the efficiency of the energy sector and various projects have been identified. He offered the bank to finance rehabilitation plan of Gencos, tube well energy efficiency project, small and medium dams, and capacity building of some of country’s organisations.

Tube well energy efficiency programme is being introduced throughout Pakistan and “ we have to complete it by end of 2012”. Various parts of the tube well equipment will be replaced with new energy-efficient equipments in order to save energy”, he observed. He also asked the delegation to complete the formalities for funding Basha dam as early as possible.

Federal Minister for Water and Power also highlighted the importance of the project in the national development saying it will be a multipurpose project that is expected to play a vital role in flood mitigation and open a new era of economic development and prosperity in Pakistan.

Qamar also sought ADB’s cooperation for wind and solar energy projects to generate cheaper electricity. He also discussed the transmission line rehabilitation and improvement programme and various other water sector projects for cooperation of the bank.

Meanwhile, in another meeting, Qamar asked all the provinces to suggest a mechanism to set up power regulatory system at provincial level and submit their reports by June 15.

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