European investment bank extends support for renewable power projects in Pakistan

[Edevelop]

Finance Minister Ishaq Dar in a meeting with vice president of European Investment Bank Magdalena Alvarez Arza. PHOTO: PID

ISLAMABAD: The European Investment Bank (EIB) has extended its support for renewable energy projects in Pakistan along the same lines as investments in other energy projects in Central Asian Republics.

This was expressed during a meeting of EIB vice president Magdalena Alverez Arza and Finance Minister Ishaq Dar in Islamabad on Saturday.

Dar said Pakistan has developed a policy whereby local and overseas investors are fully protected, sovereign guarantees through well designed financial instruments are available and offer attractive returns to the overseas energy sector investors that can secure their investment related economic interests. He also acknowledged the assistance of EIB on different projects, especially Kheyal Khawar Project.

Arza said that her bank would support renewable energy projects in Pakistan since Pakistan has been blessed with tremendous opportunities in renewable power generation sector, and was especially looking forward to Pakistan’s working on wind power projects.

The EIB official explained it has a structured mandate to support power projects through capacity building of Pakistan’s relevant stakeholders. She also shared her bank’s views on whether Pakistan would prefer to use same mode of financing the bank currently offering during the course of its energy related investment in Central Asian Republics.

Arza assured that her bank would analyse Pakistan’s overall renewable and hydro energy generation potential for possible future investment in the country.

European investment bank extends support for renewable power projects in Pakistan – The Express Tribune