The Asian Development Bank (ADB) and the Government of Pakistan Friday signed an agreement to invest $242 million in improving power distribution system in Pakistan. The investment is part of $810 million Power Distribution Enhancement Investment Program approved in 2008. The multitranche financing facility targets investment in priority areas to reduce power losses and increase the reliability of the power distribution system. Rune Stroem, Country Director of ADB in Pakistan and Sibtain Fazal Halim, Secretary, Economic Affairs Division, Government of Pakistan signed the agreement. Werner Liepach, Deputy Director General of ADBs Central West Regional Department (CWRD) was also present on the occasion Energy conservation and energy efficiency is the fastest and cheapest way of increasing electricity supply. This project will not only reduce electricity lost during delivery to the customers but also improve the quality of service by helping to get rid of technical bottlenecks. said Rune Stroem, ADB's Country Director in Pakistan. The Project comprises physical investments in secondary transmission grid and will include addition of 3,380 megavolt-amperes (MVA) of transformer capacity, 387 km of new distribution lines. The investments are spread out to all eight publically owned distribution companies totaling 133 subprojects. The first tranche is already showing results all over the Pakistan and this tranche will further improve the system. Adnan Tareen, Senior Project Officer. ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members 48 from the region.