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EIB to assist Pakistan in renewable energy projects

EIB to assist Pakistan in renewable energy projects

ebtISLAMABAD: European Investment Bank has said that it will support renewable energy projects in Pakistan.

The assurance was given during a meeting of Vice President of the Bank Ms. Magdalena Alvarez Arza with Finance Minister Ishaq Dar in Islamabad on Saturday.

The Finance Minister said the government will whole-heartedly welcome and facilitate local and overseas investors and said the country offers attractive returns to the investors in energy sector.

He said policies of the Government are aimed at increasing the existing 14000MW power potential upto 24000MW in next four years.

The Finance Minister said Pakistan has 19000MW power generation capacity on Indus River cascading down to the plains of the country from its place of origin and this power generation potential can attract overseas investment.

He explained the salient features of proposed Dasu Hydropower Project.

He also said the global commercial market and multilateral donors have expressed interest in offering structured investments in Pakistan.
Ms. Magdalena Alvarez Arza said the Bank is looking forward to working with Pakistan on wind power projects to meet its growing energy needs.

She said the Bank has a structured mandate to support power projects through capacity building of Pakistan’s relevant stakeholders.

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