Pakistan, ADB to sign $900m agreement for Jamshoro power project

Nawaz appreciates ADB support to the tune of $1 billion for energy projects and state owned enterprise reforms.

ISLAMABAD: The Asian Development Bank on Tuesday confirmed that it will be singing an agreement worth $900 million for the Jamshoro power generation plant pm Wednesday.

The announcement was made during a meeting between the ADB delegation led by its Vice President Wencai Zhang and prime minister Nawaz Sharif on Tuesday.

Nawaz said that Pakistan was committed to address the challenges in energy sector and that economic indicators this year have improved from the previous year. He further pointed out energy programmes such as the energy parks in Gadani which will produce 6,600 Mega Watts of electricity in addition to plans for building the Diamer-Bhasha and Bunji dams. For these projects and state owned enterprise reforms, ADB support, to the tune of $1 billion, is essential.

The premier also lauded the Social Protection Development Project (BISP) to the tune of US $ 430 million.

“We are witnessing successful economic reforms initiatives under your leadership and you are dealing remarkably with the fiscal deficit and reforming state owned enterprise. We are sure that Pakistan under your leadership will enjoy high growth rate in coming years if there is continuity in implementation of reform Agenda,” the ADB vice president said adding that the organization was willing to help Pakistan.

The ADB delegation comprised the organisation’s vice president Wencai Zhang, Klaus Gerhaeusser, Advisor to the Vice President ADB Hao Zhang, country Director Werner E. Liepach, and Senior Programs Officer Saad Paracha.

Federal Finance Minister Ishaq Dar was also present on the occasion.