News
Thursday, July 22, 2010
US grants $2.3m for energy, transport projects
* Ambassador Patterson says Pakistan’s energy, transportation challenges hamper economic growth in other areas
Staff Report
ISLAMABAD: The US on Tuesday signed four grants worth $2.3 million with four mega Pakistani companies, to create public-private partnerships for the modernisation of energy and transport sectors in Pakistan.
The US will support links with these companies with leading US firms providing technological and business solutions. The United States Trade and Development Agency (USTDA) has funded and would implement the grants.
Ambassador Anne W Patterson said, “Pakistan’s critical infrastructure challenges in energy and transportation are major impediments to other areas of economic growth in the country.”
“The agreements would help create public-private partnerships in energy and transportation modernisation in Pakistan and these two sectors offer great potential to support Pakistan’s economic growth and we believe that the US industry is best positioned to play a pivotal role.” Peterson said. Sources in the US embassy told Daily Times that the USTDA will directly finance all four companies, which include Engro Power Generation Limited, Karachi Electric Supply Company, Packages Limited and Mega & Forbes group under the USTDA monitoring for energy related projects.
Courtesy www.dailytimes.com.pk