Pakistan, France sign Credit Facility Agreement for sustainable energy sector reform programme

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APP34-21 ISLAMABAD: June 21 - Tariq Mahmood Pasha, Secretary Economic Affairs Division (EAD) and René Consolo, Chargé’d Affaire A.I., Embassy of France exchange documents after signing loan agreement. APP

ISLAMABAD, June 21 (APP): Pakistan and France signed on Wednesday
100 million euros Credit Facility Agreement for the Sustainable
Energy Sector Reform Programme.
Secretary Economic Affairs Division (EAD) Tariq Mahmood
Pasha, French Charg‚ d’Affaires Ren‚ Consolo and Country Director
of the French Agency for Development (AFD) Jacky Amprou signed the agreement, said a press release.
The Asian Development Bank has also approved $300 million in
co-financing of the programme.
Finance Minister Senator Mohammad Ishaq Dar congratulated
EAD and AFD on the signing of the agreement. He underscored the
importance of reforms in the energy sector which will directly
impact the overall economic growth of Pakistan.
He expressed appreciation for AFD’s continuous support for
development projects in Pakistan, including in the energy sector.
He added that with signing of the agreement, economic cooperation
between Pakistan and France would be further strengthened.
The main objective of the programme is to revamp the energy
sector to make it more affordable, reliable and sustainable,
supporting the country’s economic growth, and alleviating the
energy crisis through expeditious implementation of the National
Power Policy, 2013.
This reform programme will help in improving the financial
viability of the power sector by better managing tariff and
subsidies, improving sector performance and opening up the market
to private participation. The programme will also facilitate in
improving the transparency as well as accountability of power
sector institutions.