The multi-tranche loan of $510 million for the development of renewable energy by Asian Development Bank (ADB) would help in meeting the energy shortage, said Dr Hasan Sarosh Akram, President, Rawalpindi Chamber of Commerce and Industry (RCCI) here on Saturday.
He called upon the government to take immediate measures to address the prevailing energy crisis, cautioning that it might harm the industrial sector drastically. The clean energy and efficiency initiative of ADB should be considered as an opportunity and efforts should be made to set up more hydro-power projects, he added.
He said that the Renewable Energy Programme of Pakistan needs $2.2 billion to meet the energy requirements and the ADB had contributed its share of $510 million which would help address the problem.
Sarosh urged the government to launch small hydel projects in NWFP and Punjab. "Many mega industrial projects are being delayed due to shortage of electricity and working industrial units are also facing this problems", he added.
The ADB multi-tranche loan of $510 million for the development of renewable energy is the first of its kind in Pakistan, under ADB's clean energy and efficiency initiative. The first project under the loan will finance a set of small to medium hydropower plants in Northwest Frontier Province and Punjab.
The governments of NWFP and Punjab expect to borrow up to $180 million and $150 million, respectively to fund renewable energy projects. Other provinces can also request funding for renewable energy projects.