World Bank to provide financial support for Pakistan’s energy sector

WEB DESK: In a significant development, the World Bank has announced its commitment to extending financial support to Pakistan, earmarking a substantial sum of $150 million for the nation.

Out of this allocation, $135 million is designated as a loan specifically aimed at bolstering energy sector initiatives.

According to official documents, a noteworthy portion of this funding, precisely $15 million, will be disbursed as a grant.

The primary objective of these financial allocations is to enhance the overall efficiency of Pakistan’s energy sector.

This ambitious plan includes a strategic shift, transitioning commercial, industrial, and residential structures from reliance on gas to electricity.

Crucially, the implementation of these energy sector projects is anticipated to yield substantial savings for the nation, with an estimated annual saving projected at Rs291.65 billion.

Read more: Pakistan receives $3.52 billion in loans and grants in first quarter of FY24

Reports also reveal plans to encourage private sector investments within the energy domain.

Additionally, there will be a concerted effort to promote the construction of energy-efficient buildings, marking a pivotal step towards sustainable energy practices in Pakistan.