Pakistan and French Agency for Development (AFD) Thursday signed Euro 165 million soft loan agreements to improve energy sector. The agreements were signed by Secretary, Economic Affairs Division (EAD), Shahid Mahmood, Ambassador of France, Martine Dorance and Country Director French Agency for Development (AFD), Jacky AMPROU.
Finance Minister Senator Ishaq Dar witnessed the signing of loan agreements for financing of energy sector projects including Power Transmission Enhancement Investment Tranche-IV and Mangla Power Plant Rehabilitation Project. Speaking on the occasion, Ishaq Dar appreciated the AFD's continued support and assistance for economic development of Pakistan.
He also lauded and welcomed AFD`s new strategy to develop and open new sectors of cooperation like water and sanitation in Faisalabad, Clean Energy project in Kyber Pakhtunkhwa and Punjab and Urban Transport System in Kyber Pakhtunkhwa. Ambassador of France Ms Martine Dorance said that France and Pakistan enjoyed long history of cooperation and that the Government of France was pleased to support the Government of Pakistan in different areas.
She said relations of both the countries would further be promoted in different sectors. The main objective of the programme is to make energy sector more affordable, reliable and sustainable, supporting the country's economic growth through expeditious implementation of the National Power Policy, 2013. Under these programs, the government has embarked on a substantial reform initiative that aims to address financial sustainability issues in the energy sector.
This includes recently passed legislation that will improve governance through more clearly defined roles for both the government and the energy sector regulator, reducing debt levels in the energy sector, and increasing investment. The energy reform program demonstrates government's commitment to improve the reliability, sustainability, and affordability of the energy sector. Maintaining the momentum for reform will help ensure that all Pakistanis have access to electricity, while keeping the economy on a high-growth path.
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