Pakistan seek $1.3 billion financing from World Bank for seven mega projects

Pakistan seek $1.3 billion financing from World Bank for seven mega projects

ISLAMABAD: World Bank and Pakistan have signed seven project agreements worth $1.336 billion to support government’s initiatives in social development.

Economic Affairs Secretary Noor Ahmed signed the financing agreements on behalf of Pakistan during a ceremony held in Islamabad, while representatives of Sindh, Khyber Pakhtunkhwa and Balochistan governments signed their respective project agreements online. World Bank Country Director Najy Benhassine signed the agreements on behalf of the bank.

“This financing will support government’s initiatives in social protection, disaster & climate risk management, infrastructure improvement, agriculture & food security, human capital development etc.,” a statement issued on Friday read.

Speaking on the occasion, Khusro Bakhtyar thanked the World Bank management for extending their continuous support to Pakistan’s sustainable development agenda. “This continued and enhanced support shows the confidence of international financial institutions and development partners on the progress and reforms being undertaken by the present government,” he remarked. Article continues after this advertisement

The minister reiterated the federal government’s commitment to extend all possible support to the provincial governments in order to overcome development woes.

Meanwhile, WB Country Director Najy Benhassine assured the government of the bank’s continuous financial and technical support to promote inclusive and sustainable economic growth in Pakistan.

The agreements signed between WB and the Government of Pakistan include: