World Bank approves US$450 million grant for Pakistan’s renewable energy projects

World Bank (WB) has approved US$450 million grant for development and construction of renewable energy projects in Pakistan.

The US$450 million grant approved by World Bank’s Board of Executive Directors will be spent on various renewable energy projects in Khyber Pakhtunkhwa (KP).

“This project supports Pakistan’s goal to become a low-carbon, renewable energy-reliant economy by 2030 and contributes to its national target in reducing greenhouse gas emissions to combat climate change,” said Najy Benhassine – World Bank Country Director for Pakistan.

These projects are aimed at reducing carbon emissions of power sector and producing electricity at low cost.

It will also contribute to further investment opportunities and job creation, essentially strengthening the local economic dynamics of the province.

Currently, World Bank is providing funding for 53 projects in Pakistan, with financial aid worth up to a total of US$10.5 billion.

Prior to this, the State Bank of Pakistan announced that the country received US$505 million back in July this year.