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ADB, Punjab sign MoU for energy sector cooperation

An MoU was signed between Punjab government and Asian Development Bank (ADB) under public-private partnership for promotion of cooperation in energy sector at Model Town here on Wednesday.

Under the MoU, collaboration will be made in energy-related projects for alternative water, coal and other energy sources.The energy secretary signed the MoU on behalf of the Punjab government while a representative of Asian Development Bank signed the document on behalf of the bank.

The ceremony was attended by Punjab Chief Minister Muhammad Shahbaz Sharif, Special Assistant Zaeem Hussain Qadri, planning and development chairman, information secretary and Country Director of Asian Development Bank Pakistan Resident Mission Warner Liepach and other representatives.

Under the MoU, Punjab government and ADB would identify various energy projects and, after making initial review, would extend cooperation to each other.In the first phase, Punjab government will not be liable to pay any fee while in the second phase, complete cooperation would be extended by ADB under transaction advisory service agreement with regard to technical, financial, legal, commercial and other aspects of the project, besides preparing a financial structure of the project.

In the third phase, a fund will be established, under a separate transaction advisory services agreement, and a fund manager would be selected.Shahbaz Sharif said cooperation of ADB in energy-related projects was a significant development.

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