Agreement designed to promote development of Pakistan's infrastructure and economy
Islamabad, Pakistan; February 22, 2010: General Electric signed a Memorandum of Understanding (MOU) with the Government of Pakistan today to help promote the modernization of Pakistan's infrastructure and economy. The agreement focuses on the development of Pakistan's energy resources to meet projected demand of 54,000 megawatts by the year 2020.
"General Electric is helping build the energy, water, transportation and technology infrastructure of the new century," says Nani Beccalli-Falco, President and Chief Executive Officer of GE International. "There are huge synergies between the products and services GE businesses provide in energy and infrastructure and the needs and goals of Pakistan to modernize its economy with cleaner, more efficient and better infrastructure technologies."
The Government of Pakistan aims to meet projected energy demands using diverse sources and tactics. Possible solutions include renewable sources, such as wind, solar, geothermal, biomass, coal, hydro and conventional thermal through gas and steam turbines; rehabilitation of existing power generation facilities, along with transfer of technology for manufacture and repair of turbines; developing more efficient and environmentally sound rail transport systems; and developing water purification and reuse, wastewater treatment, and process system programs.
According to the MOU's terms, GE will assist the Government of Pakistan in achieving its goals by engaging in Pakistan's energy, transportation and water sectors and will work to identify potential sources of funding and explore potential investment opportunities in those sectors.
The Government of Pakistan has committed to meeting with GE regularly to facilitate the goals of the MOU and provide support to the establishment and operation of the GE facilities in Pakistan, transparently and consistent with the laws and regulations of Pakistan. The Government of Pakistan will also facilitate the issuance of work permits and visas for the GE employees and contractors as needed to support the objectives of the MOU.
GE has similar agreements with a number of other governments, including Kazakhstan, Nigeria, Qatar and the province of Ontario, Canada.
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, medical imaging, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Greg Farrett
GE Corporate Executive Director - Communications
[email protected]
+32-2-235-6912