Pakistan, Karachi: Asian Development Bank (ADB) has approved a $6 billion five-year funding strategy which will help Pakistan to reform energy sector and upgrade its power infrastructure.
The new program, which will run until 2019, promises a provisional assistance package of at least $1.2 billion a year on average and will target six sectors, including the energy sector, reports The Express Tribune.
Out of the $6 billion, over $2 billion in loans will be given to the energy sector for improving dilapidated distribution and transmission networks and ensuring financial viability of the sector through increasing power tariffs and reducing line losses.
For year 2016, ADB plans to disburse $1.25 billion including $400 million for power distribution network while in 2017, $200 million will be allocated to energy upgrades.
Source: The Express Tribune