ISLAMABAD (APP) - Pakistan and France on Friday signed 20 million euros agreement to promote energy efficiency in residential lighting and free distribution of 30 million compact fluorescent light bulbs (CFL) to the Pakistani households. The agreement corresponds to the first tranche of $ 1.1 billion Energy Efficiency Investment Programme co-financed by French Development Agency (AFD) and Asian Development Bank. Secretary Economic Affairs Division, Sibtain Fazal Halim, Daniel Jouanneau, Ambassador of France to Pakistan and Yves Terracol, Country Director of the French Development Agency signed the agreement. After its implementation, the project is expected to lead to a 1,100 MW reduction in peak demand, thus saving Pakistan 1,315 million euros in investment that would have been necessary to meet the demand. The free CFL bulbs will be of excellent quality, with a life span of 10,000 hours and with specific markings so that they cannot be resold on the market. The overall cost of the project is estimated at 61 million euros, of which 20 million is financed by AFD. The expected fall in energy consumption will not only lower energy bills of both households and public consumers, but will also lead to a reduction in green house gas emissions of 1 million tonnes of carbon dioxide (CO2) per year, allowing the country to benefit from 21.2 million euros worth of carbon credits over an eight-year period. A Financing Framework Agreement (FFA), covering the whole programme was also signed by the Secretary EAD and AFD Country Director. The programme has been launched by the Govt to help tackle the present energy crisis and prevent future crisis. As a member of the group of Friends of Democratic Pakistan, France is very sensitive to the welfare of the Pakistani population and is committed to implementing projects providing sustainable development for the Pakistani people. France pledged 300 million euros during the FODP summit in Tokyo last year. The exceptional potential of Pakistan in terms of hydropower encourages both WAPDA and AFD to jointly engage in other projects in the near future. The rehabilitation of the Jabban power plant in the Khyber Pakhtunkhwa province has already been approved and will be followed by other projects aiming at addressing Pakistans energy crisis.