ISLAMABAD – The World Bank has approved US $722 million loan for Pakistanthat will largely be used for improving civic and public transportfacilities in Karachi, according to a media report.
Out of the approved amount, US $652 million will be used for thedevelopment of Karachi, while the rest $70 million will be used forimproving tourism services in the country’s northwestern Khyber-Pakhtunkhwaregion.
The board of directors of the World Bank approved the loan on Thursday.
The projects in Karachi will focus on urban management, public transport,safe water and sanitation to enhance its liveability and competitiveness,the World Bank said in its statement.
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The projects have been approved in light of the findings of the KarachiTransformative Strategy which estimated that infrastructure needed spendingworth US $9-10 billion over a period of next 10 years for the city todevelop.
The study noted that compared to huge financing needs, the city was notgenerating enough resources to meet these requirements, the report said.
