The World Bank has approved $450 million for Pakistan, which will be spent on hydropower and renewable energy projects in Khyber Pakhtunkhwa.
The Bank says that by working on these projects, the cost of power generation will be reduced and reliance on expensive imported fuel will also be curtailed. The funds were approved by the World Bank’s Board of Directors in Washington.
World Bank Country Director for Pakistan Najy Benhassine said that KP will invest in hydropower and solar projects, which will help Pakistan become a low-carbon economy by 2030.
He added that it will help reduce greenhouse gas emissions and tackle climate change challenges.
He added that economic growth will also be possible as local residents will be employed in these projects.
Tourism activities in the province will also be boosted while training local persons to become skilled workers is also a part of the plan, Benhassine said.
He added that the implementation of the project will increase Pakistan’s power generation capacity.