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Three Project Approval by World Bank for Karachi City

Real Estate News
01 Jul 2019
Three Project Approval by World Bank for Karachi City

Three Project Approval by World Bank for Karachi City

Karachi: Three projects have been approved by the World Bank (WB) that will be helping in improving the urban management and investment environment, safety, mobility and accessibility along with the selected corridors and proper access to safe water services.

The three projects were approved on the basis of findings from ‘Karachi Transformative Strategy’ that estimates that the infrastructure of the city needs nearly USD 9 billion to USD 10 billion financings over a tenure of 10 years that will finally meet the infrastructural and service delivery needs in urban transportation, municipal solid waste, and water supply and sanitation process.

Illango Patchamuthu; the Country Director for Pakistan from the World Bank has commented that through the investments, there will be improvements in the institutions, services as well as the infrastructure of the city that will be further enhancing Karachi’s contribution towards the economic development of the country and people’s well-being.

An amount of USD 382 million has been approved by World Bank at the moment for the ‘Karachi Mobility Project’ that aims to improve the access to proper jobs, safety and mobility through the ‘Bus Rapid Transit’ system along with the 21 kilometers ‘Yellow Corridor’.

The key area of the project will be the provision of safe as well as a secure transportation system for women’s mobility. At the moment, women have a low economic participation rate in Karachi city, currently at 8% only. The reason behind this number is the lack of a safe, secure and affordable transportation system in the city.

It is expected that soon Karachi will also receive USD 230 million from the World Bank to help the city in improving urban management, business environment, and service delivery system. The funds will be helping in the improvement of the performance and service delivery by the local councils via performance-based grants for the property tax the system, enhancement of business modules, participation in smooth service delivery and solid waste management concerns of the city.

Also Read: World Bank Requested Provision of More Funds for the Tribal Districts

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