ISLAMABAD: The Asian Development Bank and Pakistan government signed on Thursday project and programme loans amounting to $800 million in the energy sector. The bank will also help set up the `Pakistan National Fund for Disaster Management`.

Under the programme loan of $400m for sustainable energy sector reform programme, the ADB will support the implementation of the objectives of the government`s national power policy of 2013. The policy aims to develop an efficient and consumer-oriented power supply system to meet the need of people as well as economy.

The operation focuses on policy and institutional actions which will restore financial viability and thus reduce the burden of public financing for the energy sector.

The loans will be for `Advanced metering infrastructure` project in the Rawalpindi circle and new customer information and billing system for entire company in IESCO amounting to $88.8m.

It will also cover `Advance Metering Infrastructure` project in the second and fifth circle and `New Customer Information and Billing System` for entire company in LESCO amounting to $310.4m. The facility is expected to result in the reduction of power losses and will balance electricity supply in the chosen area consisting of smart meters, communications based on Power-lineCommunication, Global Packet Radio System, Meter Date Management System, and Time Synchronisation System and Customer Information System.

The `Palcistan National Fund for Disaster Management` will be a government-led and government-owned long-term instrument for disaster management. The Fund will facilitate the implementation priorities and objectives set out in the National Disaster Management Plan approved in 2013.

The `letter of exchange` and loan agreements were signed by Secretary Economic Affairs Division, Tariq Bajwa and ADB Country Director Werner E. Liepach.

Finance Minister Ishaq Dar was present at the signing ceremony as were representatives of Japan, Belgium, Norway and Australia.

Mr Dar expressed gratitude to ADB and other contributing development partners for providing vital support to Pakistan for the cause of disaster management and in the energy sector.

He reiterated the resolve of the government to mobilise essential resources for efficient operationalisation of the disaster fund and to effectively deal with the energy crises by taking practical measures by introducing new pragmatic approach.

The ADB country director assured the government of ADB`s support and appreciated the ef forts of the government for taking practical measures to deal with natural and manmade calamities and address energy crisis in Pakistan.