Pakistan, World Bank ink loan agreements worth $371mn

ISLAMABAD: Pakistan and the World Bank (WB) on Monday signed two loan agreements under which the Washington-based lending agency will provide $371 million to support projects in agriculture and social sectors, ARY News reported.

According to the details, the World Bank will fund 171 million dollars to the total cost of an irrigation project in Khyber Pakhtunkhwa, while it will have a partnership of 200 million dollars in social development programme of Punjab.

Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar witnessed the signing ceremony of the agreements worth $ 371.0 million with the WB in Islamabad.

Ministry of Economic Affairs Federal Secretary Noor Ahmed signed the financing agreements on behalf of the government of Pakistan while representatives of Punjab and Khyber Pakhtunkhwa governments signed their respective project agreements online. Patchamuthu Illangovan, Country Director, World Bank signed the projects agreements on behalf of the World Bank.

Supporting Human Capital Accumulation in Punjab by Early Investment Project – US$200.0 million:

The objective of the project is to increase the utilization of quality health services, and economic and social inclusion programs among poor and vulnerable households in the select districts in Punjab Province. The total approved cost of the project is US$ 330.0 million including World Bank financing of US$200.0 million.

Khyber Pakhtunkhwa Irrigated Agriculture Improvement Project – US$171.0 Million:

The objective of the project is to improve the performance of irrigated agriculture for farmers in Khyber Pakhtunkhwa Province. The total cost of the project is US$219.30 million. The World Bank will finance US$171.0 million and the remaining cost will be borne by the Government of Khyber Pakhtunkhwa.