LAHORE – A Memorandum of Understanding (MoU), was signed between Punjab government and Asian Development Bank, under public-private partnership, for the promotion of cooperation in energy sector on Wednesday.

 Under the MoU, collaboration would be made in energy-related projects for alternate water, coal and other energy sources. Secretary Energy signed the MoU on behalf of the Punjab government, while the representative of Asian Development Bank signed the document on behalf of the bank. The ceremony was attended by Chief Minister Shahbaz Sharif, Zaeem Qadri, Secretary Information and ADB Country Director and other representatives.

Under the MoU, Punjab government and Asian Development Bank would identify various energy projects and, after making initial review, would extend cooperation to each other in this regard. In the first phase, Punjab government would not be liable to pay any fee, while, in the second phase, complete cooperation would be extended by Asian Development Bank, under transaction advisory service agreement, with regard to technical, financial, legal, commercial and other aspects of the project, besides preparing a financial structure of the project. In the third phase, a fund would be established, under a separate transaction advisory services agreement, and a fund manager would be selected.

Speaking at the signing ceremony of MoU, the CM said that national economy was greatly suffering because of energy crises, and the country was faced with long hours of loadshedding due to the gap between the demand and supply of electricity. He said that the Punjab government was taking steps with its own resources energy.