WB delegation arrives in Pakistan to discuss development projects

ISLAMABAD: A high-level delegation from the World Bank (WB) has landed in Pakistan, to discuss development projects, ARY News reported on Monday.

As per details, the WB delegation comprised Executive Directors, according to sources.

The purpose of WB delegation visit is to discuss economic development projects and investment opportunities.

The delegation will also engage in talks on strategies for implementing the recently approved Country Partnership Framework.

Pakistan and the World Bank had signed a 10-year agreement worth $20 billion for the Country Partnership Framework, with plans to increase these funds to $40 billion in the future.

The sources stated that the World Bank will provide approximately three-quarters of the $20 billion through the International Development Association (IDA), while the remaining amount will be provided through the International Bank for Reconstruction and Development (IBRD).

The extended framework will focus on six key development sectors, and the CPF’s completion will be supported by additional funding from the International Finance Corporation.

Read more: Pakistan secures major funding from World Bank: sources

During their visit, the World Bank delegation is scheduled to meet with Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb, Economic Affairs minister, Planning and Development minister and minister for Energy.

The visit comes after an International Monetary Fund (IMF) delegation concluded its Pakistan visit last week.

In meetings with the legal fraternity’s representatives, the IMF mission expressed concerns over the business matters, relating to investments, that remain pending for a long time as decisions are not made timely.