World Bank gives nod to $150m for Pakistan

The World Bank is ready to provide $150 million to Pakistan, $135 million as a loan for the country’s energy sector, and $15 million in the form of a grant.

According to details, the project is mainly focused on improving and protecting the efficiency of the energy sector. Commercial, industrial and residential buildings will be converted from gas to electricity.

An annual saving of Rs2.91 billion has been estimated from the implementation of the project. The construction of energy-efficient buildings will be encouraged. Besides, private sector investment in the energy sector will also be promoted.

Shifting gas consumption to electricity may have been motivated by the continuous decline in gas reserves and supplies. New gas finds have not been there. There is despondency in the gas sector partly because of the law and order issues in the potential gas deposit-containing areas.

Liquefied natural gas (LNG) supply was not there as well because of the international situation, where prices have been unstable and increased to unaffordable levels.

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