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Infrastructure development

World Bank approves $825-million loan for Pakistan infrastructure

KARACHI: The World Bank has granted Pakistan an $825-million loan to upgrade the energy and public finance sectors in a country that has long struggled with chronic power shortages and poor fiscal management. Just over half the loan — approximately $425 million — would be used to modernise the national grid under National Transmission Modernization Project-I (NTMP-I), the World Bank said Wednesday, to enable new power generation to reach consumers by upgrading, expanding, and rehabilitating selected 500kV and 220kV…