World Bank lent $810 million last year

Money used to finance transport, health and educational projects.


Express July 19, 2011

ISLAMABAD:


The World Bank disbursed a loan of $810 million to finance projects in transport, road, health and educational sectors during the last financial year, said the lending agency’s Country Director Rachid Benmassoud.


Benmassoud held a meeting with Finance Minister Dr Abdul Hafeez Shaikh on Tuesday to review the progress on WB-funded projects. He discussed the bank’s disbursements, portfolio performance and future loan plan.

During last year, a total portfolio of $1.6 billion for financing 13 projects was finalised and signed. Of this, $1.3 billion was concessional loan and the remaining expensive loans. The projects undertaken pertained to Karachi Port Trust, education, polio eradication as well as construction of highways and barrages.

Currently, 31 projects costing $4.5 billion are under way with the support of the World Bank.

The country director also highlighted the financing of power projects (Tarbela IV), education and revitalisation of economy of Khyber-Pakhtunkhwa.

He said that due to close coordination with the Economic Affairs Division of the finance ministry issues were timely resolved and the World Bank was able to properly disburse $810 million in financial year 2011.

The finance minister stressed the need for close coordination between the Economic Affairs Division and the World Bank for maintenance of sector and regional balance. He directed the Economic Affairs Division to continue periodic review of the loan portfolio to ensure timely implementation of projects.

Published in The Express Tribune, July 20th, 2011.

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