ISLAMABAD – The government of Pakistan and the Asian Development Bank (ADB) have signed agreements for two major projects worth $730 million.
According to a statement issued by the Ministry of Economic Affairs, an agreement was signed for the Second Power Transmission Project valued at $330 million.
The spokesperson for Economic Affairs said an agreement was also signed for the State-Owned Enterprises (SOEs) Transformation Program, worth $400 million.
The spokesperson explained that the transmission project will enable the reliable transmission of 2,300 megawatts of electricity from upcoming hydropower projects, while the SOE Transformation Program will ensure effective implementation of the SOE Act and related policies.
According to the spokesperson, the ADB Country Director praised the Government of Pakistan’s strong commitment to these initiatives.
The spokesperson added that ADB Country Director Emma Fan said the SOE reform program would further strengthen the Government of Pakistan’s reform efforts.
