World Financial institution loans over $1 bn to Pak

Islamabad, March 27

The World Bank has signed agreements with Pakistan to provide $1.336 billion worth of assistance to boost the cash-strapped country’s foreign exchange reserves and help support social sector programmes. A total of six project agreements, worth $1.336 billion in loans, including a $128-million grant, were signed on Friday to support the government’s initiatives in social protection, disaster and climate risk management, improving infrastructure for resilience, agriculture, food security, human capital development and governance sectors, the Dawn newspaper reported. Secretary of Ministry of Economic Affairs Noor Ahmad, signed the financing agreements on behalf of the government of Pakistan, while representatives of the provincial governments of Sindh, Khyber Pakhtunkhwa and Balochistan signed their respective agreements online. Najy Benhassine, Country Director of the World Bank, signed the agreements on behalf of his organisation. Minister for Economic Affairs Khusro Bakhtyar also attended the ceremony. PTI

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