KARACHI: Abraaj Capital will invest $2 billion in K-Electric in an effort to boost power supply to the country’s largest city, the President Secretariat said, after a meeting between President Mamnoon Hussain and Country Head Pakistan of Abraaj Group Tabish Gauhar.

In a statement, President Mamnoon emphasised that reliable and uninterrupted supply of energy was vital for economic and social development and the government was committed to resolving the power crisis. It had launched various power projects in this regard, he added.

He said that Pakistan offers investor friendly policies in the region, adding that the country’s policy trends have been consistent with liberalisation, deregulation and privatisation.

Pakistan is strategically located to become Asia’s premier trade, energy and transport corridor and urged investors to take advantage of it, he added.

He also appreciated the initiative to rehabilitate and upgrade the transmission and grid stations with the Supervisory Control and Data Acquisition system for real time and online monitoring of the network.

Meanwhile, K-Electric spokesman Usama Qureshi said the $2 billion investment is part of the three-year plan that includes work on conversion of power plants to coal and improving the transmission and distribution network.