World Bank approves $376m to upgrade Pak power grid

ISLAMABAD:

The World Bank approved $375.9 million in financing for Pakistan to strengthen its electricity transmission network, aiming to reduce power outages and support the expansion of renewable energy, the lender said on Thursday.

The Grid Stability Enhancement Project, under the Boosting Energy Security through Transmission in Pakistan (BEST-PAK) Multiphase Programmatic Approach (MPA), is the first phase of a 10-year programme to help Pakistan modernise its electricity transmission network, reduce power outages, and bring more clean energy to homes, businesses, and industries.

"Pakistan's energy challenges are deeply interconnected with its broader economic stability," said Bolormaa Amgaabazar, World Bank Country Director for Pakistan.

"By investing in advanced technologies for more resilient transmission infrastructure, this project will contribute to reducing electricity costs, bring more renewable energy onto the grid, and lay the groundwork for a power sector that works better for households, businesses and industries, as well as overall Pakistan's economy."

Pakistan has been a member of the World Bank since 1950. Since then, the World Bank has provided over $51.2 billion in assistance. The current portfolio has 52 operations, including one regional project, with a total commitment of $16.9 billion.