Cheap energy vital to keep the wheels of industry turning

SBP MD regrets Pakistan’s solar energy potential not fully tapped

APP August 28, 2021

The State Bank of Pakistan (SBP) has played a proactive role during the Covid-19 pandemic to contain its impact on the economy, said SBP Managing Director Muhammad Ashraf.

Speaking at an awareness session on renewable energy at the Faisalabad Chamber of Commerce and Industry (FCCI) on Friday, he underlined the importance of cheap energy to keep the industrial wheel of Pakistan moving.

He stated that the SBP introduced professional and result-oriented schemes to deal with energy challenges.

Citing figures, Ashraf said Rs435.7 billion had been disbursed under the Temporary Economic Refinance Facility to overcome economic slowdown triggered by Covid-19 pandemic.

“Many other schemes were also launched in addition to establishing a dedicated SBP help desk at the FCCI to ensure coordination between banks and chamber officials intending to acquire financing,” he said.

Talking about renewable energy, the central bank official was of the view that Pakistan was blessed with abundant sunlight but regretted that this particular area had not been tapped properly by the government.

Published in The Express Tribune, August 28th, 2021.

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