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ADB approves $250 million loan for Pakistan

02:47 PM | 17 Nov, 2023
ADB approves $250 million loan for Pakistan
Source: File Photo

MANILA – The Asian Development Bank (ADB) has approved $250 million in loans that will help deliver reliable electricity in Pakistan by expanding and improving the power transmission network in the country’s Punjab and Khyber Pakhtunkhwa provinces.

ADB’s Power Transmission Strengthening Project will help reinforce the stability of the national grid by increasing its transmission capacity.

The project will expand the high-voltage transmission network to close 500 kilovolt (kV) and 220 kV transmission lines loops and reduce transmission losses in Lahore city in Punjab by replacing old transmission lines.

“Reliable power supply is essential to inclusive, sustainable economic growth, and it will also provide economic opportunities to rural communities,” said ADB Director General for Central and West Asia Yevgeniy Zhukov. “We are pleased to continue supporting Pakistan in its efforts to achieve energy security while improving energy efficiency.”

The project will complement ADB’s ongoing support to the National Transmission & Despatch Company Limited (NTDC) aimed at ensuring energy security, climate resilience, and increased transmission capacity to deploy sufficient, reliable, clean, and cost-effective energy. Improving the management of the national transmission system of Pakistan is another key objective.

Aside from strengthening power transmission, ADB’s project will also enhance the project and financial management of NTDC, as well as its capacity to incorporate climate resilience in planning and operations.

“To promote gender equality and women’s involvement in the energy sector, ADB will develop guidelines for mentorships, conduct awareness campaigns, establish childcare centers, and provide technical training to female staff in the NTDC,” said ADB Senior Energy Specialist Takhmina Mukhamedova. “This project also includes livelihood skills development for women in the project areas to improve their economic opportunities, and training for local communities to enable them to respond to climate-induced natural hazards.”

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal – March 3, 2024

Pakistani rupee remains largely stable against USD and other currencies in the open market on March 3, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.3 for buying and 282.45 for selling.

Euro currently stands at 302.5 for buying and 305.5 for selling while British Pound rate stands at 354 for buying, and 359 for selling.

UAE Dirham AED hovers at 76.3 whereas the Saudi Riyal saw slight increase, with new rates at 74.5.

Today’s currency exchange rates in Pakistan – March 3, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 279.3 282.45
Euro EUR 302.5 305.5
UK Pound Sterling GBP 354 359
U.A.E Dirham AED 76.3 77
Saudi Riyal SAR 74.5 75.3
Australian Dollar AUD 181 183
Bahrain Dinar BHD 737.97 745.97
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.23 40.63
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 901.62 910.62
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 168.97 170.97
Norwegians Krone NOK 26.54 26.84
Omani Riyal OMR 725.68 733.68
Qatari Riyal ‎QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 314.07 316.57
Thai Bhat THB 7.74 7.89

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