World Bank to provide $535mln to Pakistan

ISLAMABAD: The World Bank has announced that it will provide $535 million to Pakistan for two projects aimed at mitigating the effects of climate change and improving the country’s agricultural sector, ARY News reported.

According to the official statement by the World Bank, the first project, worth $400 million, will focus on reducing the impact of climate change in Pakistan, particularly in the agricultural sector.

The funds will be used to improve crop yields and protect the sector from the effects of climate change.

The second project, worth $135 million, will aim to improve the livestock sector in Sindh, making it more resilient to climate change.

This financial assistance from the World Bank will support Pakistan’s efforts to address the challenges posed by climate change and promote sustainable agriculture practices.

Earlier on June 11, in a major relief for the country’s ill economy, World Bank (WB) approved Rs1 billion for Pakistan.

READ: WB offers support to Pakistan in achieving development goals

The World Bank approved $1 billion for the construction of Dasu Dam.

This financing will support the expansion of hydropower electricity supply, improve access to socio-economic services for local communities, and build the Water and Power Development Authority’s (WAPDA) capacity to prepare future hydropower projects.

DHP is a run-of-river project on the Indus River about 8 km from Dasu Town, the capital of the Upper Kohistan District of Khyber Pakhtunkhwa Province. Upon completion, it will have an installed capacity of 4,320–5,400 MW.

It is pertinent to mention here that the World Bank (WB) had expressed the readiness to extend technical assistance and financial support to facilitate Pakistan in achieving its developmental objectives.

South Asia Regional Vice President of the World Bank Martin Raiser said the World Bank (WB) Group will provide necessary support to the government in implementing its reform agenda.