ISLAMABAD: The government of Pakistan and the Asian Development Bank (ADB) have signed agreements for two crucial projects worth a total of $730 million.

According to a statement from the Ministry of Economic Affairs, the first agreement involves a $330 million project for the second power transmission scheme, while the second, valued at $400 million, focuses on the State-Owned Enterprises (SOEs) transformation program.

The power transmission project aims to ensure the reliable transmission of 2,300 megawatts of electricity from upcoming hydropower plants, enhancing Pakistan’s energy infrastructure. This initiative is expected to address key challenges in the country’s power sector and improve the overall energy supply.

Meanwhile, the State-Owned Enterprises Transformation Program will focus on reforming government-owned institutions to ensure better governance and operational efficiency. The program is designed to ensure effective implementation of the SOE Act and associated policies, which will further strengthen Pakistan’s broader reform efforts.

The secretary of Economic Affairs said the reforms under the SOE Transformation Program would help streamline public sector institutions, making them more accountable and efficient.

ADB’s Country Director Emma Fan praised Pakistan’s commitment to these reforms, noting that they would further bolster the country’s efforts in institutional reform.