The World Bank has signed loans of $230 million for a project to privatise and restructure the Water & Power Development Authority (WAPDA). The government is expected to choose advisers for the programme within the next three months.

The project has six parts:

the reorganisation of WAPDA into a holding company with a number of subsidiaries

the establishment of a national electric power regulatory authority

working out a pricing policy for electricity

undertaking a programme to reorganise WAPDA's labour force

arranging for the initial sale of shares in the new company

implementing a part of WAPDA's regular investment programme.

Co-financing is also expected to be provided by the Asian Development Bank and other institutions.