Pakistan
Pakistan signs $1.3 billion deal with World Bank
The World Bank has signed agreements with Pakistan’s government to provide the country $1.33 billion in assistance to boost its foreign reserves and social sectors, reported Dawn.
Under the deal, Pakistan would get funds to support initiatives in social protection, disaster, and climate risk management, improving infrastructure for resilience, agriculture and food security, human capital development, and governance sectors.
$128 million in grants were also included in the total $1.33 billion assistance.
“Amidst the Covid-19 pandemic, millions of families across Pakistan face economic hardship, particularly those working in the informal sector, who have no savings or are not covered by existing social safety net programs,” Najy Benhassine, the World Bank’s country director in Pakistan, was quoted as saying by Dawn.
Under the deal, the country will receive a $600 million loan for the Crisis Resilient Social Protection Program to develop more adaptive social protection programs. $200 million for the Locust Emergency and Food Security Project.
Another $200 million for the Khyber Pakhtunkhwa Human Capital Investment Project to improve availability, utilization, and quality of primary healthcare services and educational facilities in the areas hosting millions of refugees.
The Sindh Resilient Project, aimed to mitigate flood and drought, will also receive $200 million. A sum of $86 million will be provided as loans to the Balochistan Livelihood & Entrepreneurship and Balochistan Human Capital Investment Projects.
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