Japan to provide 5bn for Energy Sector Reforms
Islamabad: The Government of Japan on Tuesday announced to provide a concessional loan of 5 billion (approximately USD 43 million) to the Government of Pakistan for the Energy Sector Reform Program (?) as the second of this kind after the provision of the loan of the same amount in June 2014.
The Notes to this effect were signed and exchanged between Ambassador of Japan to Pakistan Hiroshi Inomata and Tariq Bajwa, Secretary for Economic Affairs Division, the Government of the Islamic Republic of Pakistan, said a press release issued on Tuesday.
This loan is part of the Energy Sector Reform Program that is co-financed by the Asian Development Bank (ADB) and the World Bank (WB). ADB, WB and the Government of Japan worked with the Government of Pakistan to develop a reform program and set agreed policy targets in the energy sector.
Hiroshi Inomata lauded the Pakistani government efforts towards the energy sector reforms and said that “the Japan govt expects the energy sector reforms will contribute to the economic stability of Pakistan and we recognize that the energy sector reforms will unleash the huge economic potential of Pakistan.”
The Government of Japan intends to continue providing necessary assistance to Pakistan in the energy sector, while closely monitoring the progress of the reforms in coordination with other development partners.
The Government of Japan will cooperate with the Government of Pakistan for a fair and effective international framework in which all countries will participate to achieve the below 2? objective.