(MENAFN- Qatar News Agency) The Asian Development Bank (ADB) has approved a loan of 167.2 million U.S. dollars to improve the power distribution system in Pakistn to provide reliable and regular electricity to businesses and domestic consumers.
The loan is part of the 810 million U.S. dollars Power Distribution Enhancement Investment Program approved by ADB in 2008, a statement issued by the ADB Islamabad office said on Tuesday
The multi-tranche financing facility (MFF) targets investment in priority areas to reduce power losses and increase the reliability of the power distribution system
"There is an urgent need for more dependable power distribution and this loan underscores ADB's commitment to work with the government to resolve the current power crisis," said Klaus Gerhaeusser, Director General of ADB's Central and West Asia Department
The country's energy crisis has led to a sharp reduction in investment, badly hurt industry and small businesses, and in 2012 lopped an estimated two percentage points off annual gross domestic product, the ADB said.
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