Wednesday, 20 October 2021

Pakistan strikes $1.3 billion development deal with World Bank

AFP/File

Pakistan has reached an agreement with World Bank to work on seven projects worth $1.3 billion aimed at improving social protection, infrastructure, and governance, a statement from the Ministry of Economic Affairs said Friday.

Minister for Economic Affairs, Makhdum Khusro Bakhtyar 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 objective of 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.

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