ADB to invest $242m in power sector

"The investment is part of $810 million Power Distribution Enhancement Investment Programme approved in 2008." — File Photo

ISLAMABAD: The Asian Development Bank signed here on Friday an agreement to invest $242 million in improving power distribution system in Pakistan. 

The investment is part of $810 million Power Distribution Enhancement Investment Programme approved in 2008. The multi-tranche financing facility targets investment in priority areas to reduce power losses and increase the reliability of the power distribution system.

ADB Country Director Rune Stroem and Secretary Economic Affairs Division Sibtain Fazal Halim signed the agreement. Deputy Director General of ADB`s Central West Regional Department (CWRD) Werner Liepach was also present on the occasion.

Asia to lead world recovery but on hot money: IMF

China's allegedly undervalued yuan has been the target of strong complaints from the United States and Europe, who say Beijing is unfairly gaining a trade advantage by cheapening its exports. – File Photo

JAKARTA: Asia is leading the global recovery but must beware of inflation and “excessively easy” domestic finance fuelled by foreign capital inflows, the International Monetary Fund said Thursday.

The Fund's latest economic outlook for the Asia-Pacific region said growth would moderate in 2011 in the advanced economies while remaining “particularly strong” in China, India and Indonesia.