ISLAMABAD, Aug 05 (NNI): The World Bank has announced that it will provide Pakistan with $8.7 billion in loans over the next five years to support a wide range of development projects across the country.
The Economic Affairs Division confirmed that these funds will be allocated to various initiatives aimed at boosting infrastructure, education, and emergency rehabilitation efforts.
According to a document from the Economic Affairs Division, work on around 58 projects in underway with the World Bank’s support, with a total estimated cost of $14.8 billion. So far, Pakistan has already received $6.16 billion from the World Bank for these development efforts.
By 2029, the World Bank is expected to provide an additional $8.7 billion, which includes $1 billion in financing for Phase One of the Dasu Hydropower Project. The Sindh flood emergency rehabilitation project and a housing project in Sindh are each set to receive $500 million.
Other significant allocations include $460 million for the Khyber Pass Economic Corridor Project and $400 million for development projects in Khyber Pakhtunkhwa. The higher education development project is also earmarked for $400 million.
A rural water supply project in Punjab will benefit from $440 million, while $300 million is allocated for improving access to rural areas in Khyber Pakhtunkhwa. Additionally, the Karachi Solid Waste Emergency Project will receive $100 million.
The Economic Affairs Division highlighted that these funds will be instrumental in addressing key infrastructure and social needs across Pakistan. Reforms in the Federal Board of Revenue (FBR) and projects focused on human capital development in Punjab are also part of the comprehensive plan supported by the World Bank.
This significant financial commitment underscores the World Bank’s ongoing partnership with Pakistan and its dedication to fostering sustainable development and economic growth in the country. The forthcoming projects are expected to have a substantial impact on improving living standards and boosting economic opportunities for the people of Pakistan. NNI
