ISLAMABAD: The World Bank has pledged a billion-dollar loan to support energy initiatives in Pakistan, aiming to bolster the nation’s energy infrastructure and foster economic advancement.
The loan will specifically aid the Dasu Hydropower Project, which is anticipated to generate 2,160 megawatts upon completion.
This endeavor is forecasted to save Pakistan approximately $1.8 billion annually in fuel expenses, providing a sustainable solution to the country’s energy demands.
Scheduled for approval by the World Bank’s Board of Directors in June, this financial injection will facilitate the timely conclusion of the Dasu Hydropower Project. Despite facing seven years of delays since its inception in 2013, the project is now slated for operational readiness by 2028, instead of its initially targeted completion date of December 2021.
Despite cost escalations from $4.3 billion to $4.9 billion, the Dasu Hydropower Project remains pivotal to Pakistan’s energy strategy.
It aims to furnish electricity to consumers at a remarkably low rate of three cents per unit, underscoring its significance despite the increased investment.
Earlier, the World Bank has granted approval of a 149.7 million dollars to support two projects in Pakistan.
According to the information provided, the funds have been approved to finance initiatives focused on enhancing the digital economy and fostering better flood resilience.
In a declaration made by the global financial institution, this point has been mentioned.
The $78 million allocated for the Digital Economy Enhancement Project aims to improve financial management by implementing technology-based solutions and utilizing data-driven choices.
Investing in the digital economy may lead to more efficient public services, enhanced transparency, and stimulated economic growth.
Concurrently, the 71.7 million dollars allocated for the Sindh Barrages Improvement Project is expected to enhance flood resilience significantly.
I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.
