ISLAMABAD, Feb 23 General Electric signed a memorandum of understanding (MoU) with the government of Pakistan help modernise and develop Pakistan's energy resources.

The agreement was signed by Saleem Mandviwala, chairman BoI and Nani Becalli Falco, CEO GE International. The focus of the MoU is to develop Pakistan's energy resources to meet the projected demand of 54,000MW by the year 2020.

The agreement was signed in the PM House in the presence of Yousuf Raza Gilani, who said that for sustainability Pakistan needed investment in key sectors like power, transportation, infrastructure, manufacturing and agriculture.

According to the terms of the MoU, GE will assist the government in achieving its goals by engaging in Pakistan's energy, transportation and water sectors.

The prime minister appreciated the initiative of General Electric to support Pakistan's national objective for development.

“This is a landmark day when we have signed the MoU with one of the most renowned conglomerates of the US and this will certainly open another productive era of economic ties and people-to-people contacts,” he said and hoped that Pakistan's energy problem would be resolved soon.

Speaking at the occasion Mr Falco said that GE was building the energy, water, transportation and technology infrastructure of the new century.

He said that GE would provide solution to the Pakistan's government programme to meet the projected energy demands by using diverse sources and tactics.

The possible solutions includes renewable sources, such as wind, solar, geothermal, biomass, coal, hydro and conventional thermal production.

GE would be supporting in the rehabilitation of existing power generation facilities along with transfer of technology for manufacture and repair of turbines.

The MoU also covers transport sector by developing more efficient and environmentally sound rail transport systems and developing water purification and reuse and waste water treatment facilities.