The World Bank is ready to extend as much as $6.5 billion in loans to Pakistan in the next four years. The amount constitutes “a substantial increase over the previous period,” during which Pakistan only received $2.73 billion. According to the bank, “immediate priority” will be accorded to programs aimed at helping affected areas recover from the October 2005 earthquake that killed 73,000 people and rendered 3.3 million homeless. Under the lending strategy, the agency will spend up to $1 billion for the reconstruction and rehabilitation efforts. It already approved $840 million of the said proposed budget. Praful Patel, the World Bank’s vice president for the South Asia region, also stressed the need for more investment in the infrastructure as this would ensure effective delivery of basic services.
World Bank plans 6.5 billion dollar lending to Pakistan (Agence France-Presse)
World Bank approves $6.5 bln in loans to Pakistan (Reuters)