Pakistan strikes $1.3 billion development deal with World Bank

World Bank

Pakistan has made an agreement with the World Bank to work on at least 7 projects worth $1.3 billion in order to improve social protection, infrastructure, and governance. 

The statement from the Ministry of Economic Affairs revealed that Pakistan will work with World Bank on seven projects worth $1.3 billion. Minister for Economic Affairs, Makhdum Khusro Bakhtyar were present in the meeting and witnessed the signing ceremony of seven project agreements at the Ministry of Economic Affairs. 

“This financing will support the government’s initiatives in Social Protection, Disaster and Climate Risk Management, Improving Infrastructure for Resilience, Agriculture and Food Security, Human Capital Development and Governance Sectors,” the statement said. 

The agreement includes the Crisis-Resilient Social Protection Programme (CRISP) worth $600 million. The major aim behind the programme is to support the development of a more adaptive social protection system that will contribute to future crisis-resilience among poor and vulnerable households in the country. 

“The programme is focused on the key initiatives being undertaken by Benazir Income Support Program (BISP) under the Ehaas Conditional Cash Transfer (CCT) programmes,” the statement said. 

Read More: Pakistan seeks $12 billion under new World Bank partnership framework

“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,” said Najy Benhassine, World Bank Country Director for Pakistan. “This investment supports Ehsaas in developing an adaptive social protection system that is more efficient and offers a new model for crisis-response and increasing household resilience to future shocks.” 

The second project worth $200 million is the Locust Emergency and Food Security Project that will introduce a set of customized activities. Whereas, the third project worth $200 million is the Khyber Pakhtunkhwa Human Capital Investment Project. The fourth project is the Sindh Resilience Project worth $200 Million, to mitigate flood and drought risks in selected areas 

Moreover, the fifth project and sixth projects, Balochistan Livelihood and Entrepreneurship, and Balochistan Human Capital Investment Projects, worth $86 million aims to promote employment opportunities for rural communities; achieve sustainability of enterprises, and improve utilization of quality health and education services in the province. 

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