Karachi, Pakistan, November 12, 2012—IFC,
a member of the World Bank Group, is advising a Pakistan-based biogas company
on the development of a waste-to-energy plant in the Karachi area, turning
a serious environmental problem in to a renewable energy resource.
The plant, to be built by Karachi Organic
Energy (KOEL), will convert cow manure into electricity while producing
organic fertilizer as a byproduct. IFC will provide KOEL - a joint venture
between Karachi Electric Supply and the Amman Foundation - with advice
on project development and financing. When completed, it will generate
up to 22MW of power from animal waste that is currently being discharged
directly in to the sea.
“There is tremendous potential in this
bio-gas project,” said Tabish Gauhar, CEO of Karachi Electric Supply.
“Its footprint extends beyond power generation. It will have a positive
effect on the community and, importantly, on the environment.”
The plant will be the largest biogas
project in the country and it is expected to serve as a model for future
“Pollution in Pakistan creates environmental
and health problems,” said Mouayed Makhlouf, IFC Director for the Middle
East and North Africa. “This plant will not only help address those issues
but it will also contribute electricity to Pakistan’s power grid.”
The plant will be located in Landhi,
a district of Karachi with a thriving dairy industry. The initiative is
IFC's first clean energy advisory services project in the Middle East and
IFC, a member of the World Bank Group is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, mobilizing
capital in international financial markets, and providing advisory services
to businesses and governments. In FY12, our investments reached an all-time
high of more than $20 billion, leveraging the power of the private sector
to create jobs, spark innovation, and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.