Islamabad: The Asian Development Bank (ADB) has pledged USD 284 million to develop Pakistan’s power transmission network, a news source reported. An agreement to this effect was signed between ADB Country Director for Pakistan Xiaohong Yang and Economic Affairs Division Secretary Noor Ahmed.
Yang said the project will help provide a more stable and secure electricity supply for people and businesses to improve their productivity and that the international lender has collaborated with the government to expand the power transmission network.
This agreement is the third tranche of a multi-tranche financing facility (MFF) under the ADB-supported Second Power Transmission Investment Program. The tranche is part of ADB’s new sovereign lending programme, under which the Manila-based lending agency would provide USD 7,528 million from 2019-2021.
The USD 280 million loan as well as a USD 4 million grant from the High-Level Technology Fund (HLTF) would enable the National Transmission and Dispatch Company Limited (NTDC) to meet the country’s electricity demand of 1,150MW.
