The World Bank’s (WB) Board of Executive Directors has approved $375.9 million in financing for Pakistan’s Grid Stability Enhancement Project to strengthen the country’s national power transmission network.
According to a press release issued by the WB, the project is being implemented under the Boosting Energy Security through Transmission in Pakistan (BEST-PAK) Multiphase Programmatic Approach (MPA).
It said the project is the first phase of a 10-year programme aimed at helping Pakistan modernise its “electricity transmission network, reduce power outages and bring more clean energy to homes, businesses and industries”.
“Pakistan’s energy challenges are deeply interconnected with its broader economic stability,” WB Country Director Bolormaa Amgaabazar was quoted as saying.
“By investing in advanced technologies for more resilient transmission infrastructure, this project will contribute to reducing electricity costs, bring more renewable energy onto the grid, and lay the groundwork for a power sector that works better for households, businesses and industries, as well as overall Pakistan’s economy,” she added.
