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World Bank diverts $2 billion development funds for flood affected areas

World Bank diverts $2 billion development funds for flood affected areas

World Bank diverts $2 billion development funds for flood affected areas

World Bank to finance two 245 MW hydropower projects in KP

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  • The World Bank is allocating $2 billion funds for emergency operations in flood affected areas.
  • World Bank Country Director Najy Benhassine announced this in a meeting with Finance Minister Mohammad Ishaq Dar.
  • Around $1.5 billion funds would be mobilised by the World Bank this year to lend support to the country.
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ISLAMABAD: The World Bank (WB) is allocating $2 billion funds from its existing financed projects for emergency operations in flood affected areas to support Pakistan, an official said on Saturday.

World Bank Country Director Najy Benhassine announced this in a meeting with Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar.

He extended felicitations to Dar on assuming the charge of the office and briefed him on the existing programmes and the future cooperation of the WB with Pakistan.

He informed that around $1.5 billion funds would be mobilised by the World Bank this year to lend support to the country in the prevailing emergency situation.

The finance minister said that the government is cognisant of the economic issues and is taking pragmatic steps to resolve the bottlenecks to growth.

The government is committed to set the economy on a sustainable and inclusive growth path, Dar said. He also informed about the devastations caused by the recent floods in the country.

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Dar appreciated the World Bank for being a source of support in pursuing a reform agenda and implementing various development projects for the country.

Pakistan values the financial and technical support provided by the World Bank for the institutional reforms and economic development of the country, he said.

The finance minister assured the World Bank country director and his team of meeting prior actions for timely completion of the programmes and thanked them for their continuous support and facilitation.

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