Islamabad (Commerce Desk) The World Bank has approved financial assistance of $375.9 million to improve Pakistan’s energy sector. According to the World Bank’s statement, the amount will be spent on the first phase of a 10-year energy program aimed at modernizing and improving the efficiency of the country’s electricity transmission system.
The financial assistance will be used to launch projects for improving the national power transmission system and reducing electricity outages. The statement said that under the project, additional 640 megawatts of wind power projects will be integrated into the national electricity system. This initiative will play an important role in promoting renewable energy, while the modern transmission system will also help reduce electricity costs.
According to the World Bank, the project will enable better and more reliable electricity supply for domestic, industrial and commercial consumers. Measures will also be taken under the program to protect Pakistan’s power system from the effects of climate change.
As a result of the project, a reduction of approximately 832,000 tons of carbon emissions is expected annually, while it will also help further strengthen the government’s reforms in the electricity sector.
The World Bank said that the project will make the electricity transmission system more stable and support Pakistan’s efforts to increase the share of renewable energy.