The World Bank on Wednesday issued a circular announcing the provision of Pakistan with a $500 million fund to carry out relief and rehabilitation activities in the country, ARY News reported.
Govt has signed an agreement with the world bank amounting to 500million dollars.
The fund will be financed for an agricultural transformation project in Punjab for $200 million. World bank to finance another project at KPK for climate change projects amounting to $300 million.
The WB has announced a flood-relief fund of $2 billion to Pakistan.
The $200 million in Punjab would be used in the agricultural sector, while the $300 million in KP would be spent on communications and basic facilities, the notification read.
Earlier on October 8, the WB Country Director Najy Benhassine announced the decision during a meeting with Finance Minister Ishaq Dar in Islamabad on Saturday, saying the funds will be allocated from the bank’s existing financed projects for “emergency operations” in flood-battered areas.
According to a Finance Ministry statement, Benhassine also said approximately $1.5 billion of the total promised amount will be mobilized this year due to the emergency situation.
Also Read: World Bank to provide $2bn for Pakistan flood relief
During the meeting, Finance Minister Ishaq Dar appreciated the World Bank for being a source of support in pursuing reform agenda and implementing various development projects for the country.