World Bank rejects reports of delay in loans' approval

ISLAMABAD: World Bank Country Director for Pakistan Najy Benhassine on Thursday rejected reports of delay in the loan approval for the country, ARY News reported.

As per details, the World Bank Pakistan representative refuted rumours and said that there is no truth in such news.

He further said the tentative board approval dates of all of our proposed operations, as well as their amounts, are indicative and the World Bank decides on the timing for sharing project proposals for board consideration following due process and based on the proposed projects.

Earlier, The World Bank’s Board of Executive Directors approved $195 million in financing to support Pakistan in improving electricity distribution to increase service quality for consumers.

The agreement of the financing between Pakistan and the WB was inked in Islamabad, the economic affairs division said.

Secretary of economic affairs division Mian Asad Hayauddin and WB’s Operation Manager Anjum Ahmed signed the loan agreement. The representatives of Hyderabad Electric Supply Company (HESCO), Multan

Electric Supply Company (MEPCO) and Peshawar Electric Supply Company (PESCO) also signed the agreement.