World Bank, Pakistan ink agreement for $195m loan to improve energy distribution

By: News Desk
Published: 04:10 PM, 23 Dec, 2021
World Bank, Pakistan ink agreement for $195m loan to improve energy distribution
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The World Bank has approved $195m loan for Pakistan and WB and Economic Affairs Division signed MoU in this regard, reported 24NewsHD TV channel.

The World Bank’s Board of Executive Directors has approved $195 million in funding to help Pakistan improve its energy distribution and improve consumer service quality.

The Electricity Distribution Efficiency Improvement Project (EDEIP) will help Hyderabad, Multan, and Peshawar distribution companies in improve operations to manage the electricity supply more efficiently and increase the reliability of the electrical grid.

Pakistan and the World Bank signed a financing deal in Islamabad, according to the economic affairs division.

Secretary economic affairs division Mian Asad Hayauddin and WB’s Operation Manager Anjum Ahmed signed the loan agreement. The representatives of Hyderabad Electric Supply Company (HESCO), Multan Electric Supply Company (MEPCO) and Peshawar Electric Supply Company (PESCO) also signed the agreement.

Earlier on Dec 22, Pakistan and Asian Development Bank (ADB) signed six Financing Agreements of US$ 1,543 Million for Energy Sector Reforms, Social Protection, Urban Infrastructure, Road Sector and Water Resources

Reporter Waqas Azeem