The World Bank has approved a loan of $450 million to support Pakistan’s transition to renewable energy resources that will reduce its reliance on fossil fuel imports and lower cost of electricity production.

The Khyber-Pakhtunkhwa Hydropower and Renewable Energy Development project will help shift the national energy mix to clean resources by investing in renewable energy generation, including hydroelectric power and solar, in Khyber-Pakhtunkhwa (K-P) province, according to a statement issued by the local office of the World Bank on Friday.

The $450 million, a mix of commercial and concessional financing, would also help strengthen energy sector institutions to better manage a growing portfolio of renewable energy projects across the province, it added.

https://tribune.com.pk/story/2265657/world-bank-approves-450m-loan