The Government of Pakistan has requested for extensions in the completion of National Transmission Modernization I project which is being financed by the World Bank. The project is worth a total cost of 425 million dollars and the requested extension is sought for further restructuring of the project. The project was previously restructured last year in October. The main reason for requesting an extension is said to be a delay in finalizing key procurement and land compensation activities.
Government has asked for a 35 months extension through a letter to the World Bank, for accommodation of completion of the ongoing contracts and IWS works. World Bank has authorized the extension in two phases divided in 15 months. The first 15 months phase has been provided to extend the closing date of the IBRD loan by April 30, 2025, to make sure that the ongoing contracts get completed. The second period of extension for the remaining implementation period will be considered and decided upon the progress of the IWS package and completion of land compensation payments.
An approval has been sought for to extend the closing date of the project by 15 months. Out of the total 425 million approved loan for the project, only 79 million dollars have been provided so far. The project development has been currently rated as “moderately satisfactory “ and the implementation has been given the rating of “moderately unsatisfactory “ due to the above mentioned delays in the processing. The overall safeguarding and fiduciary has been rated as “moderately unsatisfactory “.
