ISLAMABAD: The Ministry of Economic Affairs has confirmed that the World Bank will provide almost $20 billion to Pakistan as a loan over the period of 10 years.
According to sources in the Ministry of Economic Affairs, the World Bank is set to approve the loan on January 14th, with the approval expected from the World Bank’s Board of Directors.
The sources further stated that after the approval of the loan, Martin Raiser, the Vice President of the World Bank, is expected to visit Islamabad.
According to the Ministry of Economic Affairs, the loan program will be structured around 10-year goals. The loan will be provided under the Country Partnership Framework 2025-2035. The 10-year loan program aims to focus on improving the most neglected and important sectors.
The sources also mentioned that the projects funded by this loan will be safeguarded from political changes. Two of the World Bank’s subsidiary institutions will assist in securing an additional $20 billion in private loans. This will bring the total package to $40 billion.
The loan will be spent on key sectors such as health, education, and climate change, among others.
