Approval of Loans from World Bank for Power Projects
Islamabad: WB (World Bank) has recently approved two loans worth a total amount of USD 465 million for Pakistan power projects. The loan will be provided for the expansion of the sustainable electricity trade amid Central Asia and South Asia, as well as in support of higher education in the country, Pakistan.
World Bank has approved this amount for an important project i.e. Central Asia-South Asia Electricity Transmission & Trade Project (CASA-1000). Through this project, there can be the development of sustainable electricity trade amid Pakistan, Afghanistan, Kyrgyz Republic and Tajikistan. For setting up infrastructure in Pakistan, this project requires nearly USD 65 million financings.
Recently, Small and Medium Enterprise Development Authority (SMEDA) requested the World Bank to increase the funds for the Economic Revitalization of Khyber Pakhtunkhwa (KP) as well as Federally Administered Tribal Areas (FATA). Every year, funds are allocated for the development and economic growth of KP as well as FATA to create sustainable employment opportunities via rehabilitation of SMEs.
World Bank is working along with Pakistan to provide the country assistance in the development and growth in sectors such as IT, agriculture and economic revitalization. The World Bank has also approved USD 400 million for the development of Higher Education in the country. Through this project, the tertiary education is expected to produce enterprising, skilled and innovative graduates across the country. It is also expected that through this project, there can be an enhancement in the partnership with all the industries for strategic research as well as the development of data-driven governance of tertiary education.
The Country Director of World Bank for Pakistan, Illango Patchamuthu recently told the news sources that these two projects are going to support Pakistan’s long-term dream of generating a regional energy market along building a high-quality talent that will be enhancing economic prospects for millions of Pakistanis.