EIB offers help for renewable energy projects

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EIB offers help for renewable energy projects

ISLAMABAD: The European Investment Bank (EIB) has offered assistance for development of renewable energy projects in Pakistan.

EIB Vice President Magdalena Alverez held talks with Finance Minister Ishaq Dar to explore possible mode of financing for renewable energy projects here on Saturday.

The European bank is looking forward to Pakistan’s working on wind power projects to meet its rising energy needs and the EIB vice president shared the bank’s views as to whether the government would prefer using the same mode of financing as EIB is currently engaged in offering during the course of its energy-related investments in the Central Asian Republic.

She assured the finance minister that the bank would analyse overall renewable and hydro energy generation potential for possible future investment, and stated that EIB has a structured mandate to support power projects through capacity building of Pakistan’s relevant stakeholders.

The finance minister explained to Ms Alverez that the global commercial market and multilateral donors have expressed interest in offering structured investments in Pakistan.

The country has 19,000MW power generation capacity on Indus River cascading down to the plains of the country from its place of origin and this power generation potential can attract overseas investment, Dar said.

Dar explained to Magdalena Alverez the salient features of the proposed Dasu hydropower project which has a pre-designed feature of building a water reservoir which can support the country’s water and power-related needs if overseas investment is also packaged in it.

He said local and overseas investors are fully protected, sovereign guarantees through well-designed financial instruments are available and offer attractive returns.

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