Islamabad: The World Bank's Board of Executive Directors approved US$375.9 million in financing for Pakistan's Grid Stability Enhancement Project, to strengthen its national power transmission network under the Boosting Energy Security through Transmission in Pakistan (BEST-PAK) Multiphase Programmatic Approach (MPA).

According to Emirates News Agency, the project marks the first phase of a 10-year programme aimed at modernizing Pakistan's electricity transmission network, reducing power outages, and integrating more clean energy into the country's homes, businesses, and industries. This initiative is expected to play a significant role in addressing Pakistan's energy challenges, which are closely linked to its broader economic stability.

"Pakistan's energy challenges are deeply interconnected with its broader economic stability," stated Bolormaa Amgaabazar, World Bank Country Director for Pakistan. She emphasized that by investing in advanced technologies for a more resilient transmission infrastructure, the project would contribute to reducing electricity costs, increase the share of renewable energy on the grid, and enhance the overall efficiency of the power sector for households, businesses, and industries, ultimately benefiting Pakistan's economy.

Pakistan has been a member of the World Bank since 1950, receiving over $51.2 billion in assistance over the years. Currently, the World Bank's portfolio in Pakistan includes 52 operations, among them one regional project, with a total commitment of approximately $16.9 billion.