Latest news with #KazimNiaz
Business Recorder
21-07-2025
- Business
- Business Recorder
World Bank urges Pakistan to expedite $55mn power efficiency project
ISLAMABAD: The World Bank has urged Pakistan's Power Division and three major Distribution Companies (Discos) to fast-track implementation of the Additional Financing (AF) for the Electricity Distribution Efficiency Improvement Project (EDEIP), warning that continued delays could hamper the timely and effective use of the $55 million credit facility. In a letter addressed to Secretary Economic Affairs Dr. Kazim Niaz, the World Bank's new Country Director for Pakistan, Bolormaa Amgaabazar, noted a significant uptick in disbursements and commitments as of June 30, 2025—with disbursements rising to $18.09 million (9.3%) from 3.6% in November 2024, and commitments to $18.28 million (20.7%) from 9.0%. Still, the Bank flagged that targets for the quarter were not fully met due to rebidding of key contracts, procurement strategy revisions, and delays in grievance resolution. Wolrd Bank approves $55m in additional financing to Discos Despite these hurdles, the Bank remains optimistic. 'The project is now on track to meet its development goals by closure,' the letter stated, projecting end-FY26 disbursement and commitment levels at 30% and 95%, respectively. The World Bank lauded the Economic Affairs Division and Power Division for securing the AF package but emphasized that further momentum depends on meeting several immediate conditions—including finalizing the Financing Agreement and triggering its effectiveness within the 90-day window post-signature. The three Discos—Hyderabad Electric Supply Company (HESCO), Multan Electric Power Company (MEPCO), and Peshawar Electric Supply Company (PESCO)—have been told to promptly roll out activities under the new funding. During the Bank's May 2025 Appraisal Mission, all stakeholders agreed on a roadmap to eliminate project bottlenecks and enhance implementation speed. The World Bank stressed the importance of updating the Project Enhancement Action Plan (PEAP) by July 21, 2025, to reflect on-the-ground realities and lessons learned. Similarly, the Project Procurement Strategy for Development (PPSD) must be revised in line with the Bank's 2025 Procurement Regulations to address persistent contract delays. Key improvements must also be made in procurement quality, bid evaluation speed, complaint management, and oversight of contract execution. All high-value contracts must incorporate rated criteria and early market engagement to ensure transparency and efficiency. Revised procurement plans and bid documents are due to the Bank by July 31, 2025. On the Environmental and Social (E&S) front, the Bank flagged slow progress in preparing key documents like Environmental and Social Impact Assessments (ESIAs) and Resettlement Action Plans (RAPs). These are to be submitted by the end of July. The Bank warned that continued inaction could stall broader project progress. While the capacity of Project Implementation Units (PIUs) has improved—with support from the Project Implementation and Management Support Consultant (PIMSC)—gaps remain. The Bank highlighted the need for greater stability in project teams, urging against frequent changes in PIMSC personnel. DISCOs have been instructed to submit a detailed FY26 work plan for consultant engagement by July 31 and to fill all key PIU vacancies with qualified personnel by August 31. 'With focused effort and leadership, the project can still meet its targets and deliver long-term impact on Pakistan's power distribution performance,' the Country Director noted, reiterating the Bank's commitment to the country's reform agenda. Copyright Business Recorder, 2025
Business Recorder
21-07-2025
- Business
- Business Recorder
AF implementation for EDEIP: PD, Discos urged to speed up
ISLAMABAD: The World Bank has urged Pakistan's Power Division and three major Distribution Companies (Discos) to fast-track implementation of the Additional Financing (AF) for the Electricity Distribution Efficiency Improvement Project (EDEIP), warning that continued delays could hamper the timely and effective use of the $55 million credit facility. In a letter addressed to Secretary Economic Affairs Dr. Kazim Niaz, the World Bank's new Country Director for Pakistan, Bolormaa Amgaabazar, noted a significant uptick in disbursements and commitments as of June 30, 2025—with disbursements rising to $18.09 million (9.3%) from 3.6% in November 2024, and commitments to $18.28 million (20.7%) from 9.0%. Still, the Bank flagged that targets for the quarter were not fully met due to rebidding of key contracts, procurement strategy revisions, and delays in grievance resolution. Wolrd Bank approves $55m in additional financing to Discos Despite these hurdles, the Bank remains optimistic. 'The project is now on track to meet its development goals by closure,' the letter stated, projecting end-FY26 disbursement and commitment levels at 30% and 95%, respectively. The World Bank lauded the Economic Affairs Division and Power Division for securing the AF package but emphasized that further momentum depends on meeting several immediate conditions—including finalizing the Financing Agreement and triggering its effectiveness within the 90-day window post-signature. The three Discos—Hyderabad Electric Supply Company (HESCO), Multan Electric Power Company (MEPCO), and Peshawar Electric Supply Company (PESCO)—have been told to promptly roll out activities under the new funding. During the Bank's May 2025 Appraisal Mission, all stakeholders agreed on a roadmap to eliminate project bottlenecks and enhance implementation speed. The World Bank stressed the importance of updating the Project Enhancement Action Plan (PEAP) by July 21, 2025, to reflect on-the-ground realities and lessons learned. Similarly, the Project Procurement Strategy for Development (PPSD) must be revised in line with the Bank's 2025 Procurement Regulations to address persistent contract delays. Key improvements must also be made in procurement quality, bid evaluation speed, complaint management, and oversight of contract execution. All high-value contracts must incorporate rated criteria and early market engagement to ensure transparency and efficiency. Revised procurement plans and bid documents are due to the Bank by July 31, 2025. On the Environmental and Social (E&S) front, the Bank flagged slow progress in preparing key documents like Environmental and Social Impact Assessments (ESIAs) and Resettlement Action Plans (RAPs). These are to be submitted by the end of July. The Bank warned that continued inaction could stall broader project progress. While the capacity of Project Implementation Units (PIUs) has improved—with support from the Project Implementation and Management Support Consultant (PIMSC)—gaps remain. The Bank highlighted the need for greater stability in project teams, urging against frequent changes in PIMSC personnel. DISCOs have been instructed to submit a detailed FY26 work plan for consultant engagement by July 31 and to fill all key PIU vacancies with qualified personnel by August 31. 'With focused effort and leadership, the project can still meet its targets and deliver long-term impact on Pakistan's power distribution performance,' the Country Director noted, reiterating the Bank's commitment to the country's reform agenda. Copyright Business Recorder, 2025
Arab News
11-07-2025
- Business
- Arab News
Pakistan, EU sign €20 million grant deal to improve business environment, governance
ISLAMABAD: Pakistan and the European Union have signed a €20 million grant agreement to launch the 'Better Governance and Business Environment' initiative in the South Asian country, Pakistani state media reported on Thursday. The agreement, signed by EU Ambassador to Pakistan Dr. Riina Kionka and Secretary Economic Affairs Division Dr. Kazim Niaz, aims to enhance the competitiveness of Pakistan's private sector, particularly small and medium enterprises (SMEs), including those led by or benefiting women. Pakistan's government has increasingly spoken about achieving sustainable economic growth and moving the country away from his usual 'boom and bust' cycle through financial reforms, signing trade, business and grant deals with regional allies worth billions of dollars and enhancing its exports. 'The program will strengthen SME-related legislation, support the green transition of export-oriented firms, facilitate targeted green investments, and promote public-private dialogue,' the Radio Pakistan broadcaster reported. The development comes as Pakistan takes policy measures to increase lending portfolio of SMEs to enhance their contributions to employment, exports and the national GDP. These enterprises account for approximately 40 percent of the country's GDP, 25 percent of exports and nearly 78 percent of non-agricultural employment, according to the Pakistani finance ministry. But despite their contributions, their access to formal finance remains 'disproportionately low,' with a small percentage of private-sector lending currently directed toward them 'This expansion is expected to enhance the contribution of SMEs to GDP, exports, employment, youth and women's digital empowerment, and overall financial inclusion, laying the foundation for sustained and inclusive economic growth,' the finance ministry said this month. 'Deregulation efforts, such as reducing reliance on NOCs and increasing e-inspections, are also being introduced to reduce compliance burdens for SMEs.' Pakistan will also use a $1.4 billion loan from the International Monetary Fund's climate resilience fund to expand fiscal space, embed climate planning into public investment decisions and unlock private-sector capital for green projects, the IMF said last week.
Express Tribune
11-07-2025
- Business
- Express Tribune
EU, Pakistan sign €20m grant to support SMEs
Listen to article The government of Pakistan and the European Union (EU) signed a €20 million grant agreement on Thursday for launching the "Better Governance and Business Environment" initiative, reaffirming their shared commitment to sustainable and inclusive economic development. The agreement was signed by EU Ambassador to Pakistan Dr Riina Kionka and Economic Affairs Division Secretary Dr Kazim Niaz. Funded under the EU's Multi-annual Indicative Programme 2021-2027, the initiative aims to enhance the competitiveness of Pakistan's private sector, particularly small and medium-sized enterprises (SMEs), including those led by or benefiting women. The programme will strengthen SME-related legislation, support the green transition of export-oriented firms, facilitate targeted green investments and promote public-private dialogue. It aligns with the EU's Global Gateway strategy, GSP+ commitments and the EU Green Deal, promoting smart, sustainable investment and resilient value chains. Speaking on the occasion, Kazim Niaz expressed appreciation for the EU's continued support and partnership. He emphasised the timely nature of the intervention, highlighting its strong alignment with Uraan Pakistan's goals for private sector development and institutional reforms to attract responsible investment. Ambassador Riina Kionka stated, "This agreement underscores the EU's commitment to supporting Pakistan in building a resilient, inclusive and competitive economy. We are investing in green innovation, women-led businesses and public-private partnerships to ensure a more sustainable future for all Pakistanis."
Business Recorder
10-07-2025
- Business
- Business Recorder
Pakistan signs €20mn grant deal with EU to boost governance, business environment
Pakistan and the European Union (EU) on Thursday signed a €20 million grant agreement to launch the 'Better Governance and Business Environment' initiative, aimed at strengthening governance and improving competitiveness of the private sector, particularly small and medium enterprises (SMEs). The agreement was signed by EU Ambassador Dr. Riina Kionka and Secretary Economic Affairs Division Dr. Kazim Niaz. The programme is part of the EU's Multiannual Indicative Programme 2021-2027. According to officials, the initiative will support SME-related legislation, promote the green transition of export-oriented businesses, and encourage targeted investments aligned with the EU's Global Gateway strategy, the GSP+ framework, and the EU Green Deal. Dr. Niaz thanked the EU for its continued support, terming the programme a timely intervention aligned with the government's 'Uraan Pakistan' strategy for institutional reforms and responsible private sector growth. Ambassador Kionka said the EU is committed to helping Pakistan build a more inclusive and sustainable economy by investing in green innovation, women-led enterprises, and public-private partnerships. The EU's development cooperation with Pakistan continues to focus on climate resilience, human rights, governance, and sustainable economic growth.
