World Bank to provide $149.7 million for Pakistan's digital
advancement and flood resilience
In a significant move, the Board of Executive Directors of
the World Bank has sanctioned $149.7 million in financing for Pakistan, aimed
at bolstering two pivotal projects concerning the nation's digital economy and
fortification against floods, according to a statement released by the
international financial institution on Saturday.
Of the allotted amount, $78 million is designated for the
Digital Economy Enhancement Project, envisaged to augment financial management
through technology-driven solutions and data-informed decision-making. This
investment in the digital economy is anticipated to streamline public services,
enhance transparency, and foster economic expansion.
Concurrently, a sum of $71.7 million is earmarked for the
Sindh Barrages Improvement Project, aimed at enhancing flood resilience, an
imperative concern for Pakistan, given its vulnerability to climate change.
Pakistan,
World Bank discuss disbursement of $2 b during current financial year
"The catastrophic floods that struck Pakistan in 2022
served as a tragic reminder of the necessity to bolster resilience against such
disasters, including through the reinforcement of barrages and their
management," remarked World Bank Country Director for Pakistan, Najy
Benhassine, in a statement.
He further emphasized, "Additionally, supporting the
burgeoning digital economy in Pakistan is crucial for economic and social
progress, broadening connectivity, and facilitating access to government and
financial services for citizens and entrepreneurs, particularly women."
The digital economy project endeavors to develop digital
authentication and data-sharing platforms, enabling Pakistan to respond more
effectively to economic and environmental shocks. Furthermore, it aims to
enhance the delivery of e-government services, facilitate regulatory reforms,
and promote financial inclusion, particularly for women, through smartphone
applications for banking and credit applications.
Officials
discuss climate change initiatives with senior bankers
Shan Rehman, the project team leader, emphasized, "The
digital economy and the demand for digital government services have been
burgeoning across the country, underscoring the need for connectivity, digital
payments, and secure digital transactions. The project adopts a comprehensive
approach to digital transformation, ensuring that digital platforms are
inclusive and trustworthy."
Regarding the Sindh Barrages Improvement Project, the World
Bank highlighted the significance of safe and efficient barrages in conveying
floodwaters downstream, crucial for building climate resilience in Sindh. The
financing will contribute to bolstering technical capacities, promoting women's
participation in emergency preparedness, and fostering extensive citizen
engagement and stakeholder participation.
Francois Onimus, spearheading the endeavor, asserted,
"Barrages such as those supported by SBIP [Sindh Barrages Irrigation
Department] are vital for the livelihoods and climate resilience of the Sindh
Province. The project aims to enhance the resilience of canal systems fed from
these barrages, mitigating the adverse impacts of extreme floods and drought
events."
Source: Arab News