$722 million loan approved for Pakistan

$722 million loan approved for Pakistan

The World Bank has approved USD 722 million loan for Pakistan that will largely be used for improving civic and public transport facilities in Karachi, according to a media report.

AgenciesUpdated: Sunday, June 30, 2019, 10:07 PM IST
article-image
Pakistan Prime Minister Imran Khan |

Islamabad: The World Bank has approved USD 722 million loan for Pakistan that will largely be used for improving civic and public transport facilities in Karachi, according to a media report.

Out of the approved amount, USD 652 million will be used for the development of Karachi, while the rest 70 million will be used for improving tourism services in the country's northwestern Khyber-Pakhtunkhwa region, The Express Tribune reported. The board of directors of the World Bank approved the loan on Thursday.

The projects in Karachi will focus on urban management, public transport, safe water and sanitation to enhance its liveability and competitiveness, the World Bank said in its statement. The projects have been approved in light of the findings of the Karachi Transformative Strategy which estimated that infrastructure needed spending worth USD 9-10 bn.

RECENT STORIES

Paris Viral Video: High Voltage Drama At Charles de Gaulle Airport As Migrants Protest Against...

Paris Viral Video: High Voltage Drama At Charles de Gaulle Airport As Migrants Protest Against...

Pakistan Horror: Man Strangulates Sister To Death In Family's Presence; Shocking Crime...

Pakistan Horror: Man Strangulates Sister To Death In Family's Presence; Shocking Crime...

Baltimore Bridge Collapse: Racist Posts Target Indian Crew On Social Media Following Collision

Baltimore Bridge Collapse: Racist Posts Target Indian Crew On Social Media Following Collision

'Undoubtedly Saved Lives': US Prez Joe Biden Lauds Quick Action By Indian Crew Members In Baltimore...

'Undoubtedly Saved Lives': US Prez Joe Biden Lauds Quick Action By Indian Crew Members In Baltimore...

Baltimore Bridge Collapse: 6 Missing Presumed Dead, Says Maryland State Police; Rescue Ops Underway

Baltimore Bridge Collapse: 6 Missing Presumed Dead, Says Maryland State Police; Rescue Ops Underway