The World Bank approves an additional $108 million in funding for Pakistan.
An additional $108 million in funding has been approved by the World Bank for Pakistan with the goal of strengthening resilience and infrastructure in the rural and tourism sectors.
The international lender said in a statement that $78 million has been set aside for the Punjab Rural Accessibility Project, which aims to increase market accessibility, road connection, and job prospects for rural communities.
The Khyber Pakhtunkhwa Integrated Tourism Development Project is the designated recipient of the remaining $30 million. According to the World Bank, the funds will help projects that increase the province’s natural and climate resilience while simultaneously promoting ecotourism and community-led development.
According to the Bank’s statement, “these investments aim to improve service delivery and enhance economic opportunities, particularly in underserved and vulnerable communities.”
The extra funding comes after Pakistan and foreign financial institutions have been working together to support development goals in the face of economic difficulties. According to the World Bank, these initiatives support its overarching goal of encouraging climate change resilience and sustainable growth in South Asia.
The approval was hailed as “a positive step” toward inclusive growth by Planning Ministry officials.
