The International Finance Corporation (IFC) of the World Bank has invested millions of dollar in the energy projects of Pakistan to relieve of the country from crippling power shortages that have hindered the economic development and growth.
Accordingly, IFC invested $125 million in China Three Gorges South Asia, to support a series of hydro, solar and wind projects that could provide electricity for up to 11 million people and boost generation capacity by 15%.
To cut the Pakistan’s reliance on costly imported liquid fuels, IFC also invested $50 million and mobilised a further $154.5 million for the Gulpur Hydro project, a new hydropower plant in Pakistan, and invested $7.5 million in the equity alongside a $20 million loan to Engro Elengy Terminal for Pakistan’s first LNG import facility.
In addition, IFC invested in three wind farms in Sindh to further boost renewable energy regeneration. These include a $15 million investment by IFC and additional $36 million from other investors in Gul Ahmed Wind Power to help the company build and operate a new 50-megawatt wind farm, $30 million in Tenaga Generasi Limited to develop a 49.5-megawatt wind farm and $25 million debt and equity investment to help the Metro Power Company develop a 50-megawatt wind farm in the province.
IFC also invested $25 million in the pioneering power company, Alcazar Energy, to help develop a series of renewable energy projects in the Middle East, Turkey and Africa, with a focus on solar and wind power plants.
IFC would be continuing its work in fiscal year 2016 to help the private sector tackle the region’s most pressing challenges in order to boost growth and shared prosperity and reduce extreme poverty.