European Investment Bank, the world’s largest multilateral borrower and lender, is exploring opportunities in Pakistan’s energy sector as the South Asia’s second biggest economy struggles to boost energy supplies to meet rising domestic and commercial demand.
In a meeting held in Islamabad, Pakistan’s Power Minister Sardar Awais Ahmed Khan Leghari and EU Ambassador Jean Francois Cautain discussed the possibility of EIB investment as the two sides agreed to cooperate in Energy Conservation and Energy Efficiency in the country.
Pakistan will send a high-level delegation to Europe to attend a workshop with European expert and professionals in this regard, according to an official statement.
Pakistan has struggled for years to meet electricity and gas demand in the country of nearly 200 million people. The country is facing a huge gap in supply and demand and is forced to manage supplies through load-shedding that results in People living several hours a day with electricity and gas.
The EIB will be invited to the conservation workshop to explore different options for financing energy-related projects in Pakistan. EIB is owned by and represent the European Member States. The bank provides finance and expertise for sustainable investment projects that contribute to EU policy objectives. More than 90 percent of its activity is in Europe.
The Minister told the EU official that the government is planning to solarize some 30,000 tube-wells in the western Baluchistan province. Mr. Cautain said that the EIB would be keenly observing the fast expanding power sector in Pakistan. He also stated that the Bank will definitely be considering option of assisting in the solarization project.