January 01, 2025 (MLN): A $200 million loan agreement was signed between the Ministry of Economic Affairs and the Asian Development Bank (ADB) for the power distribution project during a ceremony held at the Ministry of Economic Affairs.
The project aims to upgrade and modernize the power distribution system, focusing on minimizing significant energy losses during distribution, said Federal Minister of Economic Affairs Ahad Cheema and Secretary Dr. Kazim Niaz.
After the approval of Kazim Niaz signed the agreement on behalf of the Ministry of Economic Affairs, while Deputy Country Director Asad Aleem signed on behalf of the Asian Development Bank, as per the press release issued.
The project will initially support three distribution companies: Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Sukkur Electric Power Company (SEPCO).
This support will be provided through advanced metering infrastructure, data management systems, and an Asset Performance Management System (APMS).
Secretary Kazim Niaz emphasized the timely and efficient utilization of ADB loans.
He urged all concerned, particularly the DISCOs, to ensure the completion of the project within the stipulated timeframe.
Secretary further expressed appreciation for ADB's role as a reliable development partner, and its continued support in Pakistan’s critical power sector.
Deputy Country Director, Asad Aleem expressed gratitude for the government of Pakistan’s proactive engagement and support towards this project.
He assured that ADB will continue to work closely with the Ministry of Economic Affairs and other stakeholders to ensure its support aligns with Pakistan’s development priorities.
