KARACHI: The US Agency for International Development (USAID) on Friday signed an agreement with Pakistani banks to extend up to $88 million for clean energy projects.

Consul General Grace Shelton presided over the signing of a partnership agreement between the USAID and Habib Bank, MCB Bank, Faysal Bank, Meezan Bank and JS Bank. Through US funding, this 15-year partnership will provide up to a 50pc guarantee for loans made for clean energy projects.

“The US government is excited to partner with some of Pakistan’s leading private commercial banks and support the banks’ efforts in promoting clean energy,” said USAID Assistant to the Administrator for Afghanistan-Pakistan Affairs William Hammink.

“Under the programme, smaller scale clean energy projects will be able to access long-term, rupee financing. The facility is expected to significantly improve access to financing for these smaller scale projects and encourage private investment in clean energy.” Through this agreement, approximately $88m in financing will become available to support the development of the clean energy sector in Pakistan.

Published in Dawn, October 1st, 2016