Pakistan, World Bank review financing of $10.4 billion ongoing projects

MG News | September 11, 2020 at 03:44 PM GMT+05:00

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September 11, 2020: Pakistan and the World Bank reviewed the WB financing of ongoing portfolio projects in Pakistan with worth $10.4 billion dollars for 52 projects in a review meeting.

The Minister for Economic Affairs, Makhdum Khusro Bakhtyar chaired a high-level Portfolio Review Meeting of World Bank-funded projects in Pakistan at the Ministry of Economic Affairs, said a press release issued by the Ministry of EAD here on Friday.

The meeting was attended by Country Director World Bank and relevant federal and provincial senior officials through video link.

The World Bank’s financing for federal development projects amounts to $ 6 billion while the Bank is providing $ 1.9 billion to Punjab, $ 1.9 billion to Sindh, $ 0.4 billion to Khyber Pakhtunkhwa and US$ 0.2 billion to Balochistan.

The WB-portfolio in Punjab and Khyber Pakhtunkhwa was reviewed in today's session.

The objective of the 3-days portfolio review meetings is to assess the progress of ongoing WB-funded projects, discuss implementation issues and suggest remedial measures to tackle those issues in a timely manner to ensure smooth implementation of projects and maximize disbursements in provinces.

Moreover, pipeline projects are also being discussed to ensure their alignment with national priorities, readiness and timely approval of PC-Is/IIs.

On the last day of portfolio review, the projects related to tourism, irrigation, climate change, skill development, education, urban cities development and economic revitalization programs came under discussion.

During the portfolio review, the Minister for Economic Affairs highlighted the government priorities especially in tourism, education, infrastructure development and growth of environment friendly projects.

The Minister also directed the lined departments to remove the impediments and expedite the pending actions to ensure timely implementation of the projects.

The country director, World Bank Najy Benhassine thanked the Minister Khusro Bakhtyar for the portfolio review exercise, which lasts for consecutive three days.

He also appreciated the government's resolve to expedite the process of execution of WB-funded projects.

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