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Wind Power deal signed

ISLAMABAD: Prime Minister Imran Khan on Friday said the government’s year 2030 target of 30 percent renewable energy to be added to total power generation would ensure affordable, sustainable and clean electricity for Pakistan, currently facing high risks of climate change.

Addressing the signing ceremony of 310 Mega Watt Super-6 wind power project here at the PM Office, the prime minister said short-term planning of previous governments to set up power stations running on expensive imported fuel was the main reason behind electricity crisis.

The International Finance Corporation of the World Bank as lead arranger will provide $320 million long-term debt financing to six companies to set up wind power plants under Super-6 costing total of $450 million. The companies include ACT2Wind, Artistic Wind Power, DIN Group, GAEL, Metro Power and TriCom.

Imran Khan expressed satisfaction over the signing of wind power plants in line with the government’s vision of clean energy, which he said was relevant for Pakistan due to its greater vulnerability to climate change and melting glaciers.

He thanked the World Bank and IFC for resuming the almost elapsed project due to negligence by the previous government and said the financed wind projects would ensure cheap electricity for consumers for their non-reliance on imported fuel. The prime minister said the government faced tough economic challenges by inheriting $120 billion fiscal deficit, however overcame these difficulties with resilience and prudent policies.

He spoke high of his economic team whose tireless efforts resulted in gaining strength of rupee, showed positive market trends, increased exports and restoration of investors’ confidence.

He also lauded relevant departments on recovery of Rs120 billion by hitting at those involved in theft of electricity. He said the bottom line of his government’s economic policy was ensuring trickling down of benefits of any project to the common man.

The prime minister stressed upon the importance of wealth creation with proper taxation to transfer the monetary impact to the grassroots level.

Federal Minister for Energy Omar Ayub said 8,000MW would be added to national grid generated through renewable means by 2030, which would boost industrialization and ultimately employment for locals.

He mentioned that $130 billion market of renewable energy in Pakistan had immense potential and said setting up of wind and solar panels would develop an ecosystem with clean energy.

IFC Regional Head Nadeem Siddiqi said Prime Minister Imran Khan’s encouragement of private sector in renewable energy would help bring greater investment. He also lauded WB Country Director for Pakistan Illango Patchmuthu for the support of wind power projects. Adviser to PM on Energy Nadeem Babar said Pakistan had a bright future as it was set to witness a paradigm shift in the domain of energy. Earlier, the six companies in the presence of the World Bank and IFC signed the launch of Super-6 wind power project.

Agencies add: The Government of Pakistan and International Finance Corporation (IFC), a member of the World Bank Group, have reached an agreement for setting up “Super Six wind power projects which will produce 310MW of clean & low-cost power.”

Taking to Twitter, Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh said: “Govt of Pakistan has signed agreement of Super Six wind power projects which will produce 310MW of clean & low cost power.”

“Thank the World Bank & IFC for the $450 million investment for the project & their continued support for the implementation of our Govt’s development goals,” he added.

 

 

– expresses desire

to empower Youth

 

Staff Report

 

ISLAMABAD: Prime Minister of Pakistan, Imran Khan in a meeting with Special Assistant for Youth Affairs, Usman Dar praised him for his excellent performance in his field, here on Friday. Usman Dar called on the prime
minister today at his office to update him on the initiatives and work being done under the youth affairs portfolio. PM Imran Khan hailed Dar for ensuring merit and transparency in his area of work and excelling at it, Prime Minister also expressed firm resolve to ensure more platforms and opportunities for the youngster to step forth and showcase their abilities.

The premier said on the occasion: “Youth is the backbone of the economy, I am hopeful that the ‘Kamyab Jawan Program‘ would go a long way into improving the economic condition of the country.” Imran Khan also said that with the introduction of new business and investment models, buying and selling would improve exponentially, in-turn favoring the dilapidated economy yet again.

In conclusion, the prime minister asked Usman Dar to ensure the same level of transparency and meritocracy in the domain as he has up till now.

 

 

 

 

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