Daily Times

Pakistan and Asian Development Bank (ADB) here on Tuesday signed a $200 million loan agreement for Power Distribution Strengthening Project.

The agreement was signed by Secretary Economic Affairs Division, Dr. Kazim Niaz and ADB Deputy Country Director, Asad Aleem, according to press release issued by EAD.

The project will initially support three distribution companies-Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Sukkur Electric Power Company (SEPCO)-through advanced metering infrastructure, data management systems, and asset performance management system (APMS).

On this occasion, Secretary Dr. Kazim Niaz emphasized timely and efficient utilization of ADB loan and urged all concerned, in particular the DISCOs, to ensure 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. He said, the project was designed to upgrade and modernize power distribution system with a focus on minimizing substantial energy losses during distribution.

On the occasion, Asad Aleem expressed gratitude for government of Pakistan’s proactive engagement and support towards this project.

He assured that ADB would continue to work closely with the Ministry of Economic Affairs and other stakeholders to ensure its support aligns with Pakistan’s development priorities.