World Bank approves $300M loan for Pakistan

By Aamir Latif

KARACHI, Pakistan (AA) – The World Bank has approved a $300 million loan for the execution of two projects in southern Pakistan, an official said on Wednesday.

The loan will be used for the two projects aimed at building “resilience to natural disasters and health emergencies” in the southern Sindh province.

These investments, according to the bank, will help Pakistan counter floods and droughts in Sindh, strengthen solid waste management in Karachi - the country’s commercial capital - and tackle recurrent urban flooding and public health emergencies in the city.

“Building resilience to natural disasters and health emergencies is an important and urgent agenda in Pakistan, which will help save lives and protect the economy,” said Najy Benhassine, the bank's country director for Pakistan.

“The debilitating impact of recent floods in Karachi, droughts and extreme rainfall in Sindh, and of course the COVID-19 pandemic make it imperative that risk reduction investments strengthen multi-sectoral dialogue and coordination at the city, provincial, and national levels to ensure protections for vulnerable communities and fight the spread of disease,” he said in a statement.

In June, Pakistan received $500 million from the World Bank and the Asian Development Bank each to prop up its struggling economy that has taken a hit from the global coronavirus restrictions.