 |
| Photo: PID |
WASHINGTON: K-Electric Limited, Pakistan and US Overseas Private Investment Corporation here late Wednesday executed a commitment letter for a US $ 250 million 10 year financing project.
The signing ceremony held at the US Chamber of Commerce was witnessed by Finance Minister Senator Mohammad Ishaq Dar, who is visiting the US along with Prime Minister.
The OPIC loan which has been facilitated by Citibank will be used by K-Electric to undertake a comprehensive and transformative upgrade of the K-Electric power grid. It is expected that the K-Electric grid strengthening project will significantly improve the reliability, stability and efficiency of the K-Electric power network and increase K-Electric’s transmission system capacity by 33% (up to 1000MVA), thereby allowing it to deliver more electricity to customers.
Finance Minister Dar on the occasion stated that Energy is among the top most priority areas of the PML (N) Government. He said Government is not only starting projects in the public sector but is also giving incentives to the private sector to invest in energy projects. Finance Minister expressed the hope that K- Electric would use this loan to improve its transmission system and reduce load shedding for the benefit of the people of Karachi.
0 Comments