WB to give $433m for financial, social sectors

ISLAMABAD: The Wor­ld Bank will provide $433 million to Pakistan under three separate hea­ds to support the financial sector, social protection and community development.

The agreements were formally signed on Thu­rsday. Secretary Econo­mic Affairs Division Tariq Mahmood Pasha signed the Loans and Grants Agreements on behalf of government. Project agreements were signed by the representatives of Khyber Pakhtu­nkhwa government and Fata Secretariat. Acting Country Director Anth­ony Cholst signed the agreements on behalf of the World Bank.

Mr Cholst said the agreements would stren­gthen the financial sector, bring about improvements in the income support programme and contribute to economic development in KP and Fata.

Under the agreeme­nts, $301.6m is earmarked for meeting objectives of ‘Growth Develo­pment Policy Financing’. Like­wise, the Benazir Income Support Programme has been provided $100m to strengthen the social safety net systems for the poor.

Similarly, under the medium-term grant assi­st­ance agreements worth $31.1m for KP, Fata and Balochistan will be delivered through three projects.

 Courtesy by: https://dawn.com/