World Bank will contribute $3bn for power sector development

ISLAMABAD: The government of Pakistan announced on Monday that the World Bank would provide more than $3 billion for the development of infrastructure in the power industry.

In addition to aiding provinces in the installation of solar projects, the World Bank is working with energy efficiency and conservation programs, according to an official release.

The promise followed a meeting between World Bank representatives and Minister for Energy Khurram Dastgir Khan and his Power Division staff.

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The group was informed that the government had made difficult and challenging decisions in the power industry, with an increase in electricity costs being one of the primary measures.

He stated that it was tough from a political standpoint, but the administration was dedicated to maintaining sustainability in the energy industry.

The minister stated, “The government is devoted to aiding the common man.”

According to the statement, Khan commended the World Bank for recognizing the challenges faced by the country and the difficult decisions made in response.

In addition, the team was informed about the CASA-1000 and Dasu power projects.

Earlier, the World Bank also signed two agreements with Pakistan to lend $500 million to the Punjab and Khyber Pakhtunkhwa to fund the Punjab Resilient and Inclusive Agriculture Transformation Project, valued at $200 million, and the Khyber Pakhtunkhwa Accessibility Project, valued at $300 million.