Minister for Energy Omar Ayub Khan and Islamic Development Bank (IsDB) President Dr Bandar Hajjar Wednesday jointly inaugurated the construction of 113-kilometer electricity transmission line from Pak-Afghan border to Nowshera, being laid under the Central Asia-South Asia Regional Trade and Transmission Project (CASA-1000).
The virtual inauguration was also witnessed by Secretary Power Division Ali Raza, senior officials, representatives of development partners, including the United Nations agencies and other key stakeholders, a news release said.
Speaking on the occasion, Minister for Energy Omar Ayub appreciated the efforts of member countries and support of all sponsoring partners for financing the construction of power transmission lines infrastructure in Pakistan, Kyrgyzstan and Tajikistan under the CASA-1000 Project, in particular.
“The project will support economic integration among four participating countries, through establishing the regional electricity connection and creation of an integrated electricity market and it will also positively contribute towards energy security since the energy mix of Pakistan has been strengthened through substantial amount of cross border import and export of electricity,” he added.
Omar Ayub said the CASA-1000 Project was not only a transformative development in economic and power sectors of Central Asia and South Asia, but also an inspiring model that how such a developmental change could be accomplished.
The minister informed the participants that Pakistan had embarked upon tapping the huge indigenous potential of renewable energy. The new Renewable Energy Policy like other transparent policies of the current government would bring opportunities for investors.
He said the government had set ambitious targets to introduce 25 percent renewable energy by 2025, and 30 percent by end of 2030, including 40 percent share of hydel power generation into the energy mix of the country.
Addressing the online event, the IsDB President said the CASA-1000 Project would bolster economic benefits and regional integration for the member countries.
The CASA-1000 Project is a 1,270 km power transmission line that exports excess hydropower generated in Kyrgyzstan and Tajikistan to Pakistan through Afghanistan.
“Transmission components under the project are being financed by the IsDB, World Bank, European Investment Bank, European Bank for Reconstruction & Development, UK’s Department for International Development, and USAID at a total cost of US$ 1.17 billion, approximately,” the press release said.