Government signs $500mn MoU with World Bank

November 2, 2022 (MLN): The government on Wednesday signed an agreement worth $500 million with the World Bank for two different projects in Khyber Pakhtunkhwa and Punjab, a press release showed.

The financing agreements of $200mn Punjab Resilient and Inclusive Agriculture Transformation Project and $300mn Khyber Pakhtunkhwa Accessibility Project were signed at Economic Affairs Division.

Ministry of Economic Affairs Secretary Dr. Kazim Niaz signed the agreements on behalf of the government whereas World Bank Country Director Mr. Najy Benhassine signed on behalf of the World Bank.

The first project titled Punjab Resilient and Inclusive Agriculture Transformation Project will help the provincial government enhance equitable access to, and productivity of, agricultural water and improving incomes of farmers’ particularly small and medium landholders.

The project will contribute to transforming Punjab’s agriculture into a more inclusive, productive, sustainable, and market-oriented sector.

The project will help the Government of Punjab in addressing (i) low water access equity and high on-farm water losses; (ii) low on-farm productivity, limited crop diversification toward high value crops and away from more water-intensive crops, and low adoption of climate smart production practices and limited market opportunities for small and medium farmers.

Meanwhile, the second project titled the Khyber Pakhtunkhwa Rural Accessibility Project is aimed to improve safe and climate-resilient rural accessibility to schools, health facilities and markets in the province. 

The project will help the provincial government in upgrading  and rehabilitation of provincial roads, improvement of climate resilience of infrastructure, including the raising of embankments, provision of side drains, bridges, improvement of culverts, ditches, vegetation, improvement  of road safety infrastructure and equipment in the vicinity of schools, health facilities and marketplaces, provision of fiber optic infrastructure to facilitate the expansion of internet connectivity and; safe and affordable school journeys for girls – subsidized school transport for girls from marginalized communities.

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