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Govt seeks WB’s approval for USD 1.5bn project financing package - Zameen News

Govt seeks WB’s approval for USD 1.5bn project financing package

April 23, 2019 • news

Islamabad: The federal government is seeking a quick approval from the World Bank (WB) for a project financing package worth USD 1.5 billion, a news source reported. The government expects the international agency to release the funds before the end of the current fiscal year on June 30, 2019.

Read: WB to fund projects worth USD 2 billion

Adviser to PM on Finance & Revenue Dr Abdul Hafeez Shaikh met with the WB Country Director Patchamuthu Illangovan to discuss the projects underway with the help of the bank’s funds. He informed the director that the government had ‘almost cleared’ all WB-funded projects, which had earlier faced delays due to the country’s political transition.

Shaikh also told the director that the government plans to speed-up the process of these approvals in order to ensure the timely release of the required funds. He then stressed on the country’s need for a quick sanction - before the end of the current fiscal year.

During the meeting, the officials present revealed that the Central Development Working Project (CDWP) had given clearance to several WB-funded projects within the last week. These include:

  • The Sindh Bus Rapid Transit (BRT) project - worth PKR 78 billion
  • A Federal Board of Revenue (FBR) strengthening & reform scheme - worth USD 400 million
  • The Khyber-Pakhtunkhwa (KP) Hydropower project’s development - worth PKR 533 million
  • The Balakot Hydropower project - worth PKR 85 billion

Read: FBR informs WB about its tax reforms

CDWP had also approved a concept paper for the Yellow Line Bus Rapid for Karachi - worth PKR 65 billion. The authority, along with Executive Committee of the National Economic Council (Ecnec), has now cleared a total of 20 projects.