PHOTO: AFP
PHOTO: AFP

ISLAMABAD: The World Bank has agreed to finance solar power projects from its Green Fund in an effort to improve the energy mix in Pakistan.

At present, because of the poor energy mix, the entire chain has been affected, which is pushing energy companies towards financial collapse.

Sources said Finance Minister Ishaq Dar had visited the US where he held a meeting with the World Bank on the possibility of funding solar power plants in Pakistan. The bank expressed its willingness, saying it was ready to finance the development of solar projects with a tariff of 3 to 3.5 cents per unit, which was quite attractive.

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Sources said the government was now working on the possibility of availing itself of the financing from the World Bank’s Green Fund that would go to renewable energy projects to be set up in far-off areas of Pakistan.

In order to secure the proposed funding, the Ministry of Water and Power will engage an international panel of experts, who would develop a road map for the induction of renewable energy and identify the sites keeping in view the grid stability as well as overall modernisation of the national grid.

According to an official, the Ministry of Finance wants the power ministry to tap financing from the Green Fund immediately. However, the government would…