Pakistan, WB ink seven project agreements worth $1.3bn

ISLAMABAD: Pakistan and the World Bank (WB) on Friday signed seven project agreements under which the Washington-based lending agency will provide $1.3 billion to support the country in various projects, including agriculture and social protection, ARY News reported.

According to the details, this financing will support the government’s initiatives in social protection, climate change, agriculture and food, governance and human capital development.

Speaking on the occasion, Minister for Economic Affairs Khusro Bakhtyar said this continued and enhanced support shows the confidence of international financial institutions on the progress and reforms being taken by the present government.

He reiterated the commitment to extend all possible support to the provincial governments to address the financing needs to overcome the development issues.

World Bank Country Director Najy Benhassine said the world institution will continue to extend financial and technical support to Pakistan to promote inclusive and sustainable economic growth in the country.

Earlier on December 9, the World Bank had approved a $300 million grant for two projects in Pakistan, including the Sindh Resilience Project and Solid Waste Emergency and Efficiency Project.

The bank’s Board of Executive Directors had approved the $200 million Sindh Resilience Project Additional Financing and $100 million Solid Waste Emergency and Efficiency Project (SWEEP).