World Bank approves $1b for Pakistan’s power sector

The World Bank has approved a $1 billion loan to Pakistan to boost electricity supply and improve farm irrigation methods, the global development lender said. The bank said $840 million of the loan will help boost capacity at the Tarbela hydro power project, northwest of Islamabad, by 1,410 megawatts. The project would shift capacity away from expensive imported fuel oil to low-cost hydropower, it added. “It will help Pakistan reduce the gap between supply and demand of electricity by maximizing the benefits of existing infrastructure of Tarbela Dam without requiring any land acquisition or relocation,” said an official.