World Bank 'committed' to Pakistan's long-term development

World Bank South Asia VP assures Pakistan regarding optimisation of its cooperation in years to come

Business Desk
A person enters the building of the Washington-based global development lender, The World Bank Group, in Washington. — AFP/File
A person enters the building of the Washington-based global development lender, The World Bank Group, in Washington. — AFP/File

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The World Bank (WB) Tuesday extended its commitment towards Pakistan's long-term development with a focus on transitioning to renewable energy, particularly solar and hydropower.

WB's South Asia Vice-President Martin Raiser assured the cash-strapped nation regarding optimisation of its cooperation in the years to come. He also appreciated the existing collaboration with Pakistan and its relevant government agencies.

The assurance came in a meeting of Pakistan's Ambassador to the US Masood Khan with the World Bank's official in Washington to advance cooperation in the development and climate response sectors.

In the meeting, Khan thanked the international financial institution for releasing around $1.2 billion of committed funds for various ongoing projects in Pakistan.

"Smooth flow of funds would ensure timely completion of social sector schemes," he said.

During his visit to Pakistan earlier in September last year, Raiser reaffirmed the bank’s commitment to supporting the people of Pakistan in wake of catastrophic flooding. He also co-chaired a high-level round table, on October 14th last year, with the United Kingdom on how to respond to the impacts of the floods in Pakistan on the sidelines of the 2022 Annual Meetings of the World Bank and International Monetary Fund.

Masood Khan thanked the global lender for contributing $2 billion towards flood recovery, rehabilitation and reconstruction during International Conference on Climate Resilient Pakistan in Geneva which would cover support for housing, water and agriculture, social protection and health, among others.

“The World Bank has been a resolute development partner of Pakistan,” Khan added.

The ambassador requested the bank for additional financing and assistance for health-related projects, especially to address the issue of water-borne diseases in areas impacted by floods. He also solicited the World Bank’s support in transitioning from adaptation and mitigation to building resilience.

"Pakistan was committed to ensuring a transparent and effective mechanism for disbursement of funds for the flood affectees," Khan said, adding that the establishment of the International Partners Support Group (IPSG) would soon be announced for this purpose.