World Bank To Provide $787 Million To Pakistan For Development Projects!

World Bank To Provide $787 Million To Pakistan For Development Projects!

On Tuesday, Pakistan and the World Bank approved five loan agreements of $787 million for development projects. Most of the projects are for advancing Karachi.

Economic Affairs Division secretary Noor Ahmed and Patchamuthu Illangovan World Bank’s country director in Islamabad signed the agreements.

Source: Parhlo

Besides, the delegates of governments of Sindh and Khyber Pakhtunkhwa and the National Transmission and Dispatch Company Ltd. Minister for Economic Affairs Hammad Azhar testified the signing ceremony.

Read Also: Total External Debt And Liabilities Of Pakistan Rise To $600 Million

The Projects for Karachi

The World Bank will give $652m for 3 development plans in Karachi. This will support the urban movement, urban administration and service performance. Besides, these projects will enhance water and sewerage services, tourism and power sectors.

Moreover, the initial loan of $382m was signed for Karachi Mobility (Yellow Line) Project. The project will ameliorate mobility, approachability and safety along the yellow line Bus Rapid Transit (BRT) passage in Karachi.

Besides, the project will support to embellish urban road infrastructure (Yellow Corridor), restoration or repair of road infrastructure along the yellow corridor. Plus, it will develop and operationalise the BRT system and capability building.

The federal government with updated cost estimates of Rs61.436 billion recently approved the Yellow BRT corridor.

Plus, the Sindh government had introduced the Karachi Urban Mobility Project (Yellow Line Bus Rapid Transit) worth Rs65.968bn. However, the federal government had reasoned its cost estimates down to Rs61.4bn.

The corridor begins at Dawood Chowrangi in the east, moves within the Korangi industrial area, and finishes at Numaish Chowrangi.

It is one of five preference lines in Karachi’s transportation plan. Besides, it will serve commuters adjacent Surjani Town and Korangi industrial area. Plus, it will lessen travel time, road traffic casualties, and decrease emissions.

Another World Bank loan worth $230m will support the Competitive and Livable City of Karachi Project. The project will enhance the administration of Karachi Local Councils and agencies in urban management.

This project will also aid in investment and service delivery and to develop the business climate for the growth of the private sector.

Additionally, another loan worth $40m was inked for Karachi Water and Sewerage Services Improvement Project (Phase-1).

The project intends to increase access to safe water services and to develop Karachi Water and Sewerage Board’s economic and
operational performance.

The project is considered as the primary in a recommended series of projects. Plus, the program is to resolve Karachi’s water, hygiene, sanitation problems.

The Project For KP

Besides, a loan of $70m was inked for Khyber Pakhtunkhwa Integrated Tourism Development Project. The project aims to develop tourism-enabling infrastructure, promote tourism and support management for sustainable tourism growth in KP.

Source: Parhlo

Furthermore, for Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) Project, a supplementary financing agreement worth $65m was approved.

The goal of the continuing project is to build the conditions for a sustainable electricity trade of 1,300MW. Moreover, the electricity trade will occur between Central Asian nations (The Kyrgyz Republic and Tajikistan) and South Asian countries, Pakistan (1,000MW) and Afghanistan (300MW).

Pakistan is going through an immense financial crisis. Furthermore, the aid of the World Bank would help in tackling the deprived condition of various sectors in Karachi and KP.

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