ISLAMABAD: The World Bank (WB) will provide Pakistan with loans exceeding $2 billion during the ongoing fiscal year to support multiple development initiatives.

According to the Economic Affairs Division, the financing will be extended through the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD).

At present, Pakistan is implementing 57 projects funded by the World Bank, with a total portfolio worth $16.6 billion. These projects span across key sectors including agriculture, water, energy, finance, and revenue management.

The Economic Affairs Division says the projects for which the World Bank will be provided loans include communication, rural and urban development, Human capital, social service and governance projects.

Government data shows that the World Bank has provided $11.84 billion to Pakistan over the past seven years, with the energy sector receiving the largest share at $1.96 billion. In the last fiscal year alone, Pakistan received $1.8 billion in loans, while funding of more than $2 billion has been earmarked for the current year.