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WB to fund projects worth USD 2 billion - Zameen News

WB to fund projects worth USD 2 billion

March 5, 2019 • news

Karachi: The World Bank (WB) has agreed to provide USD 2 billion for development projects in Karachi, aimed at ‘turning the metropolis into one of the most developed and beautiful cities of the world’ - a news source reported.

The projects will be geared towards making the following changes:

  • Increased urban mobility through infrastructure rehabilitation
  • Capacity building of the mass transit authority
  • Better management of all BRT systems
  • Improvement of civic services in Karachi
  • Introduction of reforms in the KWSB delivery system and waste-water treatment services
  • Enhanced urban management; especially pertaining to the metropolitan and municipal corporations’ services delivery

Read: Experts recommend drafting new master plan for Karachi

Sindh Chief Minister Syed Murad Ali Shah and the World Bank (WB) delegation agreed to the projects’ formalisation in principle. WB Country Director Patchammuthu Illangovan led the delegation.

Furthermore, the meeting agreed that all legal formalities will be completed within a month’s timeframe. The World Bank board will then approve these projects.

As per reports, all documentation work for the initiative will be completed by early April. This will allow the government to start these projects soon.