Pakistan and World Bank sign two financing agreements worth $500 million

ISLAMABAD-Pakistan and the World Bank on Wednesday signed two financing agreements worth $500 million.

The Ministry of Economic Affairs has signed two financing agreements, with a total financing volume of $500 million, with the World Bank for the “Punjab Resilient and Inclusive Agriculture Transformation Project” worth $200 million and the “Khyber Pakhtunkhwa Accessibility Project” worth $300 million. Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs, signed the financing agreements on behalf of the Government of Pakistan while Najy Benhassine, Country Director of the World Bank, signed the agreements on behalf of the World Bank. The Punjab Resilient and Inclusive Agriculture Transformation Project ($200 million) is designed to improve equitable agricultural water access and productivity and improve the incomes of farmers, especially smallholders. and middle owners. The project will help transform agriculture in Punjab into a more inclusive, productive, sustainable and market-oriented sector. The project will assist the Government of Punjab to address (i) poor water access equity and high water losses on farms; (ii) low on-farm productivity, limited crop diversification towards high-value crops and away from more water-intensive crops, and low adoption of climate-smart production practices and limited market opportunities for farmers. small and medium farmers. The Khyber Pakhtunkhwa Rural Accessibility Project ($300 million) aims to improve safe and climate-resilient rural accessibility to schools, health facilities and markets in Khyber Pakhtunkhwa. The project interventions will assist the government of Khyber Pakhtunkhwa in (i) upgrading and rehabilitation of provincial roads, (ii) improving climate resilience of infrastructure, including raising embankments, provision of lateral drains, bridges, improvement of gutters, ditches, vegetation, (iii) improvement of infrastructure and road safety equipment near schools, health facilities and markets, (iv) provision of infrastructure in fiber optics to facilitate the expansion of Internet connectivity and; (v) safe and affordable school routes for girls – subsidized school transport for girls from marginalized communities. As of October 2022, the Ministry of Economic Affairs had also signed three other major projects worth $690 million (including an $82 million grant), with the World Bank for land management and sector development housing in Punjab province and nationwide interventions in the health sector to facilitate (i) improving land records; and identification of land for development, including land programs for housing in Punjab, (ii) strengthening housing institutions and systems and improving the quantity and quality of housing supply services in Punjab province and (iii) equitable delivery and quality of essential health services at the primary health care level, in support of universal health coverage in Pakistan. Dr. Kazim Niaz reiterated the federal government’s commitment to provide all possible support to provincial governments to meet their financial needs necessary to overcome development challenges and achieve more inclusive and sustainable economic growth in the country.