ISLAMABAD       -        Asian Development Bank (ADB) has planned to invest $2 billion in the energy sector of Pakistan during next three years. This was stated by a high level ADB team headed by Director General for Central and West Asia Department, Werner Liepach which met Federal Minister for Power, Omar Ayub Khan and Special Assistant to the Prime Minister on Petroleum, Nadeem Babar here Wednesday.

ADB remains top energy sector partner with $2.1 billion portfolio with $300 million released this week for sector reform including addressing the circular debt.

Country Director ADB in Pakistan, Ms Xiaohong Yang was also present during the meeting.

The meeting took stock of ADB funded projects in the energy sector and it was decided that a comprehensive portfolio review meeting will be held by the end of this month between Power Division and ADB to steer the projects to their logical culmination.

It was also agreed that all efforts by both sides will be made to ensure maximum transparency during the execution of projects.

During the meeting the ADB showed interest in facilitating technical studies for the gas storage facility in Pakistan.

“During later part the ADB can also consider financing the project”, it was also observed by the Director General, Werner Liepach.

The ADB team was apprised of approval of New Renewable Energy Policy which will be placed before Council of Common Interest (CCI) in its scheduled meeting by the end of this month.

The team was briefed regarding various steps taken by the Power Division to boost the efficiency of the system and campaign against power theft.

The circular debt capping plan is also being variously perused and implemented by the Power Division resulting in considerable reduction in its growth from Rs.39 billion a month to Rs. 12 billion per month, it was informed.

The ADB team expressed satisfaction over the step taken by the Power Division and terms the efforts a positive for the sector growth.