Pakistan to receive $8.7 billion loan from World Bank for development projects
The World Bank has announced a substantial loan package of $8.7 billion for Pakistan, set to be disbursed over the next five years. This funding will support a broad spectrum of development projects across the country.
According to the Economic Affairs Division, the loan will be allocated to various initiatives aimed at enhancing infrastructure, education, and emergency rehabilitation efforts. The ongoing projects supported by the World Bank encompass an estimated total cost of $14.8 billion, with $6.16 billion already disbursed to Pakistan.
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Notable allocations in the new funding include:
- $1 billion for Phase One of the Dasu Hydropower Project.
- $500 million each for the Sindh flood emergency rehabilitation project and a housing project in Sindh.
- $460 million for the Khyber Pass Economic Corridor Project.
- $400 million for development projects in Khyber Pakhtunkhwa.
- $400 million for a higher education development project.
- $440 million for a rural water supply project in Punjab.
- $300 million to improve access to rural areas in Khyber Pakhtunkhwa.
- $100 million for the Karachi Solid Waste Emergency Project.
The Economic Affairs Division emphasized that these funds will play a crucial role in addressing infrastructure and social needs throughout Pakistan. The World Bank’s support also extends to reforms in the Federal Board of Revenue (FBR) and human capital development projects in Punjab.
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This major financial commitment highlights the World Bank's continued partnership with Pakistan and its dedication to advancing sustainable development and economic growth. The forthcoming projects are anticipated to significantly enhance living standards and economic opportunities for the people of Pakistan.
Source:
Samaa News