Pakistan, Asian development bank sign agreements worth $730 million for two key projects

Islamabad  (Web Desk): The Government of Pakistan and the Asian Development Bank (ADB) have signed agreements worth $730 million for two major projects, including a $330 million power transmission project and a $400 million program for the transformation of state-owned enterprises.

According to the Ministry of Economic Affairs, these agreements aim to improve the energy sector’s efficiency and accelerate the government’s reform efforts.

The $330 million power transmission project will facilitate the reliable transmission of 2,300 MW of electricity from upcoming hydroelectric projects. This initiative is expected to enhance the power distribution network and ensure a more stable energy supply across the country.

Additionally, a $400 million program for the transformation of state-owned enterprises will be launched, ensuring effective implementation of the State-Owned Enterprises (SOE) Act and related policies. The program aims to accelerate reforms within Pakistan's state-owned entities.

ADB’s Country Director, Emma Fan, commended the Government of Pakistan for its strong commitment to these initiatives. She emphasized that the reforms in state-owned enterprises will further strengthen Pakistan's reform agenda and economic development.

A spokesperson from the Ministry of Economic Affairs stated that these projects will help modernize Pakistan’s energy sector and support sustainable economic growth, contributing to national stability and prosperity.