The Asian Development Bank has agreed to provide Pakistan with USD 510 million to help develop the country’s renewable energy program. The multi-tranche loan aims to reduce Pakistan’s dependency on imported oil, whose increasing demand has outpaced the country’s supply. The loan will also seek to diversify the country’s energy options since renewable energy accounts for only a fraction of Pakistan’s energy output. The program’s first project, one of the first to be developed under the ADB’s clean energy and efficiency initiative, is set to finance a series of small to medium hydropower plants in the Northwest Frontier Province and Punjab.
Source: Pakistan and ADB sign USD510m deal to develop renewable energy sector (The Khaleej Times Online)
