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IFC Invests $15 Million to Support Renewable Energy in Pakistan


In Cairo:
Riham Mustafa
Phone: +(202) 2461-4230
E-mail: rmustafa@ifc.org


Islamabad, Pakistan, February 20, 2015—IFC, a member of the World Bank Group, is investing $15 million to support a new wind farm in Sindh province as part of its effort to support renewable power generation and drive economic development across Pakistan.

IFC’s investment in Gul Ahmed Wind Power, an independent power producer, will help the company build and operate the 50-megawatt facility northeast of Karachi. The project is expected to bolster the electricity supply in Pakistan, where frequent power cuts hamper social and economic development and cost the country two percent of gross domestic product.

“We are delighted to once again partner with IFC in developing another power project in Pakistan,” said Iqbal Alimohamed, Chairman of Gul Ahmed Energy, the principal sponsor of Gul Ahmed Wind Power. “The new plant will create jobs and help spur growth, while its strong, reliable, clean energy will reduce pressure on the country’s power grid and help mitigate climate change.

The plant will make its greatest contributions during the high-demand summer months, when wind farms generate most of their electricity. It will provide an environmentally-friendly source of power, helping Pakistan cut back on its use of polluting and expensive fossil fuels.

The project is co-sponsored by Infraco Asia and is part of IFC's effort to foster private participation in Pakistan's power sector.

"With its expertise and financial clout, the private sector can play an important role in developing key infrastructure projects in Pakistan and the wider region," said Nadeem Siddiqui, IFC Country Manager for Pakistan. "Those investments can spur economic growth and help address the energy crisis in the country."

In the coming years, IFC is expected to invest about $500 million annually in Pakistan, helping promote cross-border trade, streamline regulations, support out-of-court mediation, bolster supplies of renewable energy, and increase access to vital financing for smaller businesses.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit www.ifc.org.
 
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