World Bank to provide $8.70 billion financial assistance to Pakistan

In an effort to assist Pakistan in strengthening the economy, the World Bank will pay $8.70 billion to the country, which would be spent on over 50 development and social projects.

The officials in the economic division committee said as many as 58 projects are underway in Pakistan with the financial assistance of the global lender. 

However, the authorities have plans to develop more WB-funded projects.

The total cost estimated for the ongoing projects is $14.8 billion, of which Pakistan received $6.16 billion, so far. The rest amount of $8.70 billion will be provided by 2029.

According to the officials, the World Bank made additional financing of $1 billion for the Dasu hydro project phase-I. 

The bank will release $700 million for the Dasu transmission line project and $588.4 million for the Dasu hydropower stage-I project.

It added the WB to provide $500 million in financial assistance for the flood emergency restoration programme, $500 million for the Sindh housing project, $460 million for the Khyber Pass Economic Corridor Project, and $450 million will be given for hydro and renewable energy production project in Khyber Pakhtunkhwa. 

Moreover, at least $400 million will be spent on several projects in KP, $440 million on Punjab’s water project, $39 million for the extension of Tarbela, while the WB will provide $300 million for access to ruling areas of KP, and $258 million will be served in National Health Support Project Phase-1.

The economic committee said Pakistan will also spend $400 million to upgrade the education facilities across the country.