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WB approves loan $535m for two major projects in Pakistan

WB approves loan $535m for two major projects in Pakistan

WB approves loan $535m for two major projects in Pakistan

WB approves loan $535m for two major projects in Pakistan

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ISLAMABAD: The World Bank (WB) approved the loan of $535 million in financing for Pakistan to support social security, climate change and agriculture sector projects.

As per a statement, Crisis Resilient Social Protection (CRISP) program aims to strengthen the country’s social protection system and build shock resilience among poor and vulnerable households, while the Sindh Livestock and Aquaculture Sectors Transformation (LIVAQUA) will promote climate-smart and competitive small and medium producers in the livestock and aquaculture sectors in Sindh.

“The catastrophic floods that hit Pakistan in 2022 were a tragic reminder of the importance to build resilience to such disasters, including by strengthening both social protection and sectors that support economic growth and recovery,” Najy Benhassine, World Bank Country Director for Pakistan, was quoted as saying.

“It is also imperative to help the vulnerable absorb climate shocks through innovative climate-smart technology and contingency planning.”

The World Bank said that the additional financing for CRISP, which amounts to $400 million, will build on the program’s on-going efforts to equip Pakistan’s social protection system with the policy and delivery system foundations necessary for more effective and rapid responses to future crises.

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The CRISP program will focus on longer-term policy actions to further improve the national cash transfer program’s effectiveness, coverage and Federal-Provincial coordination, it added.

“Since its inception, the CRISP program has achieved significant results with regular safety net support to more than 9 million families and a demonstrated capability of quickly reaching 2.8 million families during the recent floods,” said Amjad Zafar Khan, Task Team Leader for the Project.

“The additional financing would not only assist families in becoming more resilient to climate and economic shocks, but also encourage the use of provincial capacities to take up a larger role in social assistance.”

Meanwhile, financing to the tune of $135 million will be provided under LIVAQUA project, to promote climate-smart production, value addition, and inclusive access to markets, and help create opportunities for growth in the livestock and aquaculture sectors.

World Bank said that LIVAQUA will cover all districts in Sindh using a phased approach.

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It is expected to directly benefit more than 940,000 farm families, including 930,000 livestock households and 10,000 aquaculture producers.

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