The Asian Development Bank is to lend up to $100m for the construction of a 404 MW gas fired power plant being built by International Power in Pakistan.
UK-based International Power the largest private investor in Pakistan's power sector, is building the 404 MW gas fired plant in Balochistan province, around 600 km north of Karachi, the Manila-based multilateral lender said in a statement, reports Dow Jones.
Frequent power cuts due to a shortfall in electricity generation capacity are a major hurdle to economic growth in Pakistan, which has also been ravaged by unceasing violence and last year's unprecedented floods. The power shortfall has reached more than 22 per cent of peak demand and could worsen unless capacity is increased.
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