World bank approves USD 722 million loan for Pakistan
Islamabad, Jun 30: The World Bank has approved USD 722 million loan for Pakistan that will largely be used for improving civic and public transport facilities in Karachi, according to a media report.
Out of the approved amount, USD 652 million will be used for the development of Karachi, while the rest 70 million will be used for improving tourism services in the country’s northwestern Khyber-Pakhtunkhwa region, The Express Tribune reported on Saturday.
The board of directors of the World Bank approved the loan on Thursday.
The projects in Karachi will focus on urban management, public transport, safe water and sanitation to enhance its liveability and competitiveness, the World Bank said in its statement.
The projects have been approved in light of the findings of the Karachi Transformative Strategy which estimated that infrastructure needed spending worth USD 9-10 billion over a period of next 10 years for the city to develop.
The study noted that compared to huge financing needs, the city was not generating enough resources to meet these requirements, the report said.