Islamabad: The World Bank (WB) has signed two loan arrangements with Pakistan – totaling USD 371 million – in a bid to support the country’s agricultural and social developmental projects amid the ongoing COVID-19 pandemic, according to news sources.
WB Country Director Patchamuthu Illangovan signed these agreements online on behalf of his organisation, while Ministry of Economic Affairs Secretary Noor Ahmed inked the document on the federal government’s behalf. Additionally, representatives from Punjab and Khyber Pakhtunkhwa governments also signed these WB loan arrangements.
These loan arrangements include a USD 200 million ‘Supporting Human Capital Accumulation’ in Punjab that aims to boost utilisation of quality health services, and social and economic inclusive projects for the vulnerable and underprivileged households in 11 districts – chosen from a list of 36 districts identified as most vulnerable. The said that the project will address issues of income-generating economic activities and explore diverse income sources.
Moreover, a USD 171 million ‘Irrigated Agriculture Improvement Project’ is to be launched in Khyber Pakhtunkhwa (KP) to enhance their farming yields. The total cost estimation of this project is USD 219.30 million, the remaining of which will be contributed by the provincial government.