Punjab will receive a grant from the German Development Bank KfW worth Rs. 844 million for the creation of two Excellence Hubs in the field of Renewable Energy.
According to official documents reviewed by the scribe, the establishment of two Excellence Hubs in the field of Renewable Energy is expected to cost a total of Rs. 1,117.403 million. This amount will be covered by a German grant and the Provincial Annual Development Plan (ADP).
The project will reportedly result in the establishment of two Excellence Hubs for Renewable Energy, one in each of the districts of Lahore and Rawalpindi.
KfW German Development Bank, the project’s sponsor, will provide Rs. 844.346 million toward the project’s estimated cost of Rs. 1,117.403 million, and the Punjab Provincial Government will chip in Rs. 273.058 million.
The Financing Agreement between the Government of Pakistan and KFW Development Bank, Germany (Sponsor) would be signed soon in order to guarantee the grant amount, according to the documents.
The Project Executing Agency (PRA), which is the Provincial TEVTA, and the Sponsor will then sign a Separate Agreement, which is a comprehensive agreement.
According to the documents, the Government of Punjab will allocate its portion of the project, totaling Rs. 273.058 Million, in the upcoming ADP as a distinct scheme, and for the current Fiscal Year Supplementary Grant for the project will be set up for the purpose of initiation.
According to the documents, a steering committee would be established under the direction of the secretary of the Punjabi government, with members from the departments of industry, commerce, investment, and skills development, the private sector, Tier-1 firms, and other stakeholders.
