Japan provides $43mln to support energy sector reforms programme

ISLAMABAD, February 2: The government of Japan announced on Tuesday to provide a concessional loan of USD 43 million to Pakistan for the Energy Sector Reform Programme as the second of this kind after the provision of the loan of the same amount in June 2014.
The Notes to this effect were signed and exchanged between H.E. Mr. Hiroshi Inomata, Ambassador of Japan to Pakistan and Mr. Tariq Bajwa, Secretary for Economic Affairs Division, the Government of the Islamic Republic of Pakistan. This loan is part of the Energy Sector Reform Programme that is co-financed by the Asian Development Bank (ADB) and the World Bank (WB). ADB, WB and the Government of Japan worked with the Government of Pakistan to develop a reform programme and set agreed policy targets in the energy sector.
In his remarks, H.E. Mr. Hiroshi Inomata applauded the Government of Pakistan’s efforts towards the energy sector reforms by stating that “The Government of Japan expects the energy sector reforms will contribute to the economic stability of Pakistan as it is the highest priority of the Government of Pakistan to resolve the energy issues, and we recognize that the energy sector reforms will unleash the huge economic potential of Pakistan.”
The Government of Japan intends to continue providing necessary assistance to Pakistan in the energy sector, while closely monitoring the progress of the reforms in coordination with other development partners.
Furthermore, this loan is expected to contribute to efficient production of electricity and energy conservation, so as to mitigate the emission of greenhouse gases from the energy sector. The Japanese Prime Minister Shinzo Abe has recently pledged to provide 1.3 trillion yen of public and private climate finance in 2020 to assist developing countries including Pakistan at COP 21 in Paris.
The Government of Japan will cooperate with the Government of Pakistan for a fair and effective international framework in which all countries will participate to achieve the below 2 degree centigradeobjective.-DNA