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Najy Benhassine

WB approves major funding for education, water in Balochistan

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WB

ISLAMABAD: The World Bank(WB) has approved $194 million in funding for two key projects in Balochistan aimed at improving access to education and enhancing water security in the province. According to Najy Benhassine, World Bank Country Director for Pakistan, the initiatives will play a critical role in addressing Balochistan’s developmental challenges. “The GRADES-Balochistan project is … Read more

World Bank approves $102m for Pakistan

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World Bank

ISLAMABAD: The World Bank (WB) has approved a loan of $102 million for Pakistan under its Resilient and Accessible Microfinance (RAM) Project.

“Which aims to enhance access to microcredit and support the resilience of the microfinance sector and its borrowers, particularly in the face of climate-related shocks”.

The money approved by the World Bank for Pakistan will be used for the poor farmers affected by climate change, which will give small loans to those affected by climate change.

The World Bank’s statement said that the purpose of the money is to increase the income of those affected by climate change, the money is part of the World Bank’s 10 -year Country Partnership Program. The project will help increase financial inclusion in small businesses and rural areas.

The World Bank Country Director Najy Benhassine said that microfinance is an important source of financial support to the poor, the project will benefit more than 1.89 million people, including one million women.

According to the World Bank Country Director, 54 projects are underway in Pakistan with the help of the WB. The World Bank’s total investment in Pakistan has reached $15.7 billion.

The project will be implemented by the Ministry of Finance through the State Bank of Pakistan (SBP). It will be the first in a series of interventions to support the sector, to be designed and phased in close partnership with other international financial institutions.

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

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WB

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.

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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World Bank approves $150mn loan for Pakistan

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World Bank

ISLAMABAD: The World Bank approved $150 million for a project to increase the participation rates of girls and boys in pre-primary and primary grades and enhance reading proficiency in primary grades in Punjab Province.

The project is expected to directly benefit approximately 5 million children, 7,000 headteachers, 165,000 teachers, and more than 3,000 teacher mentors in public schools as well as Punjab Education Foundation schools.

“Punjab has more than 7 million out-of-school children. The grades will help the government of Punjab substantially reduce this number and, in parallel, improve foundational learning outcomes for boys and girls who are already in school,” said Najy Benhassine, World Bank Country Director for Pakistan. “This will be done through scaling up and strengthening public-private partnerships, improving school preparedness among young children, enhancing the quality and use of teaching and learning materials and assessments, and improving the learning environment in schools.”

Earlier, World Bank (WB) has approved additional financing to the tune of $ 1 billion for Dasu Hydropower Project, being constructed by WAPDA on River Indus.

This is the single largest financial facility provided by the World Bank for a project in Pakistan.

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Tarin, WB country head review progress on ongoing projects in Pakistan

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Federal Minister for Finance and Revenue Shaukat Tarin held a meeting with Country Director, World Bank, Najy Benhassine and his team at Finance Division here on Tuesday. The meeting reviewed the progress on the ongoing World Bank’s projects and programmes in Pakistan, according to press statement issued by the finance ministry. Read more: Abad urges govt … Read more

World Bank approves $195 million loan to improve power distribution system

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World Bank

The World Bank’s board of executive directors has approved $195 million in financing to support Pakistan in improving electricity distribution and implementing energy sector reforms to increase service quality for the consumers. The Electricity Distribution Efficiency Improvement Project (EDEIP) will help the distribution companies improve operations to manage the supply more efficiently and increase the … Read more

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