PPIB Urges State Bank to Release $758 Million for IPP Payments

The Private Power & Infrastructure Board (PPIB) has asked the State Bank of Pakistan (SBP) to provide $758 million to pay back investors who financed power projects mostly under the China-Pakistan Economic Corridor (CPEC). This was requested by Managing Director PPIB Shah Jahan Mirza in a letter to SBP Governor Jameel Ahmed a few days before Prime Minister Shehbaz Sharif’s visit to China, reported Business Recorder. The PPIB MD shared his concerns regarding Independent Power Producers (IPPs) who had complained about delays in getting the central bank’s approval to convert Pakistani Rupees to US Dollars. He said such delays are preventing IPPs from paying back to lenders, coal suppliers, and contractors. The power producers have asked PPIB to help resolve these issues to keep their projects running smoothly.