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Pakistan to Pay $2.2 Million to ADB loan

Pakistan will have to pay $2.2 million as commitment charges on this year 2021, on a $400 million loan from the Asian Development Bank (ADB) which was extended to Pakistan in 2015, a national daily reported.

The ADB loan which was provided for the installation of Advanced Metering Infrastructure (AMI) in LESCO and IESCO aims to reduce electricity theft, the news report added.

However, the project is not installed in DISCOs and the charges which have to be paid are now increased up to $2.2 million.

The sitting government is planning to either cancel the project under the ADB loan because no progress has been made on the project since 2018.

The top functionaries want to execute the project through Chinese Company — State Grid Corporation of China (SGCC) under the umbrella of CPEC, the newspaper report added.

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