These funds will be utilized for various developmental projects, with a focus on digital economy enhancement.
Islamabad: The World Bank has granted approval for a $149.7 million loan to Pakistan, marking a significant step towards bolstering the country’s financial stability. Following the loan approval, funding from other international financial institutions is also expected to become more accessible, signaling positive prospects for Pakistan’s economic growth.
The allocated funds from the World Bank will be utilized for various developmental projects, with a focus on digital economy enhancement and the preservation and improvement of embankments in Sindh. Specifically, $78 million will be allocated for the Digital Economy Enhancement Project, while $71.7 million will be directed towards safeguarding and strengthening embankments in Sindh.
The Country Director of the World Bank emphasized the necessity of these initiatives, particularly in light of the devastating floods experienced in Pakistan in 2022, which severely impacted infrastructure. Measures to protect and fortify embankments are deemed essential, and under the Deep Program, urban areas and various farms will receive enhanced services to mitigate future risks.
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The approval of this loan marks a positive development for Pakistan’s economic and infrastructural advancement, reflecting a collaborative effort between the World Bank and the Pakistani government to address pressing challenges and foster sustainable growth.
