Pakistan, ADB sign $730mn pacts for power infrastructure, SOE transformation

Pakistan government and the Asian Development Bank (ADB) signed on Thursday two loan agreements totaling $730 million aimed to “transform the country’s state-owned enterprises (SOEs), and enable the power transmission network to uptake affordable and clean energy”, the ADB said in a statement. Pakistan’s Ministry of Economic Affairs said they signed two major initiatives with the ADB: i) the Second Power Transmission Strengthening Project amounting to $330 million, and ii) the Accelerating State-Owned Enterprise (SOE) Transformation Programme amounting to $400 million. “The signed agreements show ADB’s enduring commitment to supporting sustainable and inclusive economic growth in Pakistan,” the bank said in a post on X.