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ISLAMABAD, Apr 29 (APP):In a significant move toward fostering sustainable development in Pakistan, the National Institute of Banking and Finance (NIBAF) and the National Energy Efficiency and Conservation Authority (NEECA) on Tuesday signed a Memorandum of Understanding (MoU) to collaborate on promoting energy efficiency and conservation within the financial sector.
The MoU signing ceremony held here at NIBAF, where the Managing Director of NIBAF, along with senior management, warmly welcomed the NEECA delegation, said a press release.
During the introduction, the Managing Director of NIBAF emphasized that this MoU represents a “productive and meaningful partnership” between the two organizations.
The collaboration between NIBAF and NEECA will concentrate on designing and delivering joint training programs aimed at building capacity in the banking and finance sector on energy efficiency and conservation.
Both organizations will also work together on launching surveys and research projects to gather critical data, conduct research, and publish findings that support evidence-based policy making.
Additionally, NIBAF will lead efforts in product design, with NEECA providing technical assistance to ensure that all products align with national energy conservation standards.
Both institutions have agreed to document a comprehensive work plan by July 2025, charting out immediate and mid-term activities. A strategic road-map for the next 6 to 12 months will also be finalized, subject to the approval of the NEECA Board, with budget allocations being planned to support these initiatives.
Speaking on the occasion, the Managing Director of NEECA highlighted the significance of the partnership, stating, “Among all the MoUs we have signed, the one with NIBAF is the most important. This collaboration sets the foundation for technical assistance, joint product designing, and scaling up energy efficiency practices within the financial sector.”
The partnership will also involve collaboration with the Energy Conservation Fund (ECF), creating a tri-party alliance (NIBAF-NEECA-ECF) that is expected to bring a trans-formative shift in Pakistan’s energy and finance sectors within the next 3 to 5 years.
This MoU represents a strong step toward integrating sustainable energy practices into financial decision-making and institutional frameworks across Pakistan.