Pakistan signs $787 mn loans with World Bank, majority for Karachi uplift.

Pakistan and the World Bank have signed five loan agreements of $787 million for development projects, majorly directed to uplifting Karachi. The World Bank will provide $652m for three development projects in Karachi to support urban mobility, urban management and service delivery, improve water and sewerage services, tourism and power sectors. Highest amount of $382m was inked for Karachi Mobility (Yellow Line) Project.

The agreements were signed by Economic Affairs Division secretary Noor Ahmed, World Bank’s country director in Islamabad Patchamuthu Illangovan and the representatives of governments of Sindh and Khyber Pakhtunkhwa and the National Transmission and Dispatch Company Ltd. Minister for Economic Affairs Hammad Azhar witnessed the signing ceremony.

Source: Dawn