The World Bank has approved $700 million to support Pakistan for the generation of electricity at low-cost which will facilitate millions of people with affordable electricity.
The additional financing will be used to complete the first phase of the Dasu Hydropower project. It will install 2,160 megawatts capacity along the Indus River.
Stage two will double the installed capacity to 4,320 megawatts – making it the largest hydropower plant in the country.
World Bank Country Director for Pakistan Illango Patchamuthu said, “Pakistan’s energy sector is aiming to move away from high-cost and inefficient fossil fuels towards low-cost, renewable energy to power the national grid.”
“Along with reforms in the tariff structure, the Dasu Hydropower Project will result in fewer imports of fossil fuels, alleviating the stress on the country’s current account balance,” he added.
The project aims the provision of electricity to the people at an affordable price as well as to reduce the blackouts when the demand is higher especially in summers.
In addition, the World Bank is also cooperating with federal and provincial governments to deal with the global pandemic as the number of coronavirus cases in Pakistan has surged to 2000.