Daily Times

ISLAMABAD: 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.

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.

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

It focuses on cost-saving interventions to increase revenue collection and reduce losses, and on modernizing operations by employing technology and information systems. The project will also invest in climate-resilient infrastructure, particularly grid stations and transmission lines, which are critical to distribution and utility services.

Earlier this year, the international lender had approved $800 million in financing for two programs in Pakistan — the Pakistan Program for Affordable and Clean Energy and the Second Securing Human Investments to Foster Transformation.

Noor Ahmed, Secretary of the Ministry of Economic Affairs, and Melinda Good, Acting Country Director of the World Bank, signed two key programme loan agreements totalling $800 million on behalf of their respective governments.