ADB Creates Financing Facility for Energy Efficiency in Pakistan
17 September 2009: The Asian Development Bank (ADB) is extending US$780 million to Pakistan through a financing facility for energy efficiency projects to secure the country's growing energy needs and reduce its reliance on costly, polluting fossil fuels.
Targeted energy savings under the programme will reduce the country's energy intensity, while cutting greenhouse gas emissions by an estimated 30%. The overall gains in annual savings by fiscal year 2019 are expected to be around US$4 billion. The Multitranche Financing Facility will finance short to medium-term projects, including the replacement of incandescent light bulbs with more efficient and cost-effective compact fluorescent lamps. The facility, which will release funds in tranches, will provide a portion of the government's 10-year energy efficiency investment plan, estimated at US$3.8 billion. [ADB press release]