World Bank Supports Regional Connectivity and Renewable Energy in Pakistan

Stocks and Financial Services Press Releases Friday June 15, 2018 09:08
WASHINGTON--15 Jun--World Bank

WASHINGTON, June 14, 2018 - The World Bank is committing over half a billion dollars through two projects to support renewable energy in Sindh and expand economic activity between Pakistan and Afghanistan through the development of an economic corridor along the Khyber Pass.

"The projects will address Sindh's energy needs through the generation of solar power benefitting the entire province and support trade between Pakistan and Afghanistan through regional connectivity and private sector development along the Khyber Pass corridor," said Illango Patchamuthu, World Bank Country Director for Pakistan. "The construction of a 48 km four-lane expresswaylinking Pakistan and its regional trading partners and upgrading the countrys' infrastructure is an important component of Pakistan's growth policy."

The $100 million Sindh Solar Energy Project will reduce Pakistan's carbon footprint through the development of solar energy. It will support independent power producers to develop 400 MW of new solar power capacity (starting with an initial 50 MW pilot project) and provide partial grants to private sector firms for the commercial provision of Solar Home Systems to 200,000 households. The project will also help gain knowledge and experience in developing solar photovoltaic (PV) schemes on/around public buildings.

The $460.6 million Khyber Pass Economic Corridor Project will benefit consumers, producers, and traders in Pakistan, Afghanistan, and Central Asia by supporting private sector investmen and reducing transport time and cost. Better infrastructure and more efficient border crossing will help Afghan medical patients and students coming to Pakistan. The project will alleviate key constraints to the integration of private sector actors in Khyber Agency into global value chains.

This complements activities by other development partners to increase access to socio-economic and job opportunities across the corridor.
The International Development Association, the concessional financing arm of the World Bank, is funding both projects.
The World Bank in Pakistan

Pakistan has been a member of the World Bank since 1950. Since then, the World Bank has provided $33.4 billion in assistance. The World Bank's program in Pakistan is governed by the Country Partnership Strategy for FY2015-2020 with four priority areas of engagement: energy, private sector development, inclusion, and service delivery. The current World Bank portfolio includes 45 projects with a net commitment of $8.24 billion.


Latest Press Release

Fitch Affirms Siam Cement #A+(tha)#; Outlook Stable

Fitch Ratings (Thailand) Limited has affirmed The Siam Cement Public Company Limited's (SCC) National Long-Term Rating at 'A+(tha)' with Stable Outlook. The agency has also affirmed SCC's senior unsecured rating at 'A+(tha)' and National Short-Term...

The Republic of Ecuador Announces the Results of Its Invitation for Offers to Tender for Cash Its 2020 Notes

The Republic of Ecuador ("Ecuador") announced today the results of its invitation for each holder to submit offers (the "Offers") to tender for cash the notes set forth in the table below (collectively, the "Old Notes"), upon the terms and subject to the...

Citi, Societe Generale, DNB and other leading international banks promote greener global shipping through new principles

- Banks to disclose climate alignment of shipping portfolios with International Maritime Organization's 50% emissions reduction by 2050 strategy Rocky Mountain Institute, Global Maritime Forum and UCL Energy Institute announced today that 11 major...

Photo Release: SCB reaffirms its financial service excellency with seven prestigious awards from The Asset

Siam Commercial Bank Global Transaction Banking Services Division Executive Vice President Mr. Ittiphan Jearkjirm led a team in celebrating seven prestigious from The Asset, a leading financial and investment magazine for the Southeast Asia region. The...

MFC launches MPII fund investing in both Thai and foreign securities in property and/or infrastructure sector, dividend units class IPO 17-26 June 2019

MFC launches MFC Property and Infrastructure Flexible Income Fund or MPII investing in both Thai and foreign securities in property and/or infrastructure sector. The Fund will pay dividend no more than 4 times per year. The dividend units class IPO is...

Related Topics