World Bank approves $149.7 million financing for key projects in Pakistan
The World Bank’s Board of Executive Directors has greenlit a significant sum of $149.7 million in financing for Pakistan, marking a milestone in bolstering the nation’s development efforts.
The approval, granted on Friday, will allocate funds to support two vital projects aimed at enhancing the country’s infrastructure and digital landscape.
According to a press statement released by the international financial institution, a substantial portion of the funding, totaling $78 million, has been earmarked for the Digital Economy Enhancement Project (DEEP).
This initiative seeks to bolster digitally enabled public services delivery for both citizens and businesses, thereby fostering greater accessibility and efficiency.
Simultaneously, an allocation of $71.7 million has been designated as second additional financing for the Sindh Barrages Improvement Project. This endeavor aims to fortify resilience against floods while enhancing the reliability, safety, and management of the Sindh barrages, crucial components of Pakistan’s water management infrastructure.
Najy Benhassine, the World Bank Country Director for Pakistan, emphasised the imperative of fortifying infrastructure in the wake of catastrophic events such as the floods of 2022. He underscored the importance of bolstering barrages and their management to mitigate the impact of such disasters effectively.
Additionally, Benhassine highlighted the significance of nurturing Pakistan’s burgeoning digital economy. He stressed that fostering connectivity and access to government and financial services is pivotal for economic and social development, particularly for marginalised groups like women and entrepreneurs.
The Digital Economy Enhancement Project (DEEP) aims to develop robust digital authentication and data-sharing platforms.
These platforms will enable Pakistan to respond more effectively to shocks, deliver enhanced e-government services, and facilitate regulatory reforms to promote private participation in the sector while strengthening personal data protection and online safety.
Moreover, the project endeavors to promote financial inclusion, particularly among women, by facilitating access to banking services and credit through smartphone applications. It also seeks to address barriers such as limited mobility and digital literacy, ensuring inclusivity in the digital realm.
Shan Rehman, Task Team Leader for the project, emphasised the comprehensive nature of the initiative, which adopts a holistic approach to digital transformation. He emphasised the importance of inclusivity and trust in digital platforms to meet the evolving needs of the populace.
Meanwhile, the second additional financing for the Sindh Barrages Improvement Project (SBIP) aims to complete and commission rehabilitation works for barrages, including Guddu and Sukkur. Additionally, it seeks to enhance the management of three barrages in Sindh, namely Guddu, Sukkur, and Kotri.
Francois Onimus, Task Team Leader for the SBIP, stressed the critical role of barrages in ensuring the livelihoods and climate-resilience of the Sindh Province. He highlighted the project’s focus on bolstering canal systems fed by these barrages, thereby mitigating the adverse impacts of extreme weather events.
In essence, the approval of financing for these projects underscores the World Bank’s commitment to supporting Pakistan’s development agenda, spanning both infrastructure and digital innovation, in its journey towards sustainable growth and resilience.