ISLAMABAD: A $200 million loan agreement was signed between the Ministry of Economic Affairs and Asian Development Bank (ADB) for the power distribution project here on Tuesday.
The ceremony was held at the Ministry of Economic Affairs. Secretary Dr Kazim Niaz signed the agreement on behalf of the Ministry of Economic Affairs, while Deputy Country Director Asad Aleem signed on behalf of ADB. The project will initially support three distribution companies, Lahore Electric Supply Company, Multan Electric Power Company and Sukkur Electric Power Company, through advanced metering infrastructure, data management systems and assets performance management systems.
On this occasion, Secretary Dr Kazim Niaz emphasized the timely and efficient utilization of ADB loans and urged DISCOs to ensure the completion of the project within the stipulated timeframe. Niaz added that the project was designed to upgrade and modernize the power distribution system and minimise substantial energy losses during distribution. He further expressed appreciation for ADB’s role as a reliable development partner and its continued support in Pakistan’s critical power sector. ADB’s Deputy Country Director Asad Aleem expressed gratitude for the government’s proactive engagement and support towards this project.
He assured that the ADB would work closely with the Ministry of Economic Affairs and other stakeholders to ensure its support aligns with Pakistan’s development priorities.
