On Tuesday Pakistan and world bank signed five loan agreements of $787 million. These agreements were signed by Economic Affairs Division secretary Noor Ahmed World Bank’s country director Patchamuthu Illangovan. Major sections of this loan are related to the development of Karachi. It includes urban management, improving water and sewerage issues, urban mobility and tourism and the power sector. $652 million will be provided by the World Bank for three development projects of Karachi.
The first loan of $382 million is the sanction for Karachi Yellow Line Project, this project is expected to embellish and improve accessibility, mobility, and safety for the people of K-Town. Other than that this project will also help in developing the infrastructure of urban road and reconstruction and development of Bus Rapid Transit (BRT) system. Federal Government recently revised the budget of Yellow Line BRT corridor to Rs 61.436 billion. Yellow Line BRT corridor moves within the Korangi industrial area, it starts from Dawood Chowrangi in the east and ends at Numaish Chowrangi.
The second World Bank loan of $230 million will beprovided to support the Livable andCompetitive city of Karachi Project. This project is expected to improve theadministration of Karachi town councils and agencies in urban management and itwill also provide investment to develop the business climate for the extensionof the private sector.
This project will address the problems of urbanmanagement service delivery and the business environment encountered by Karachi.Another project that is inked by world bank is worth $40 million, this projectwill provide people of K-Town with access to save water. This project is alsoaimed towards increasing Karachi Water and Sewerage Board’s operational andfinancial condition.
The two parties also inked Khyber-Pakhtunkhwa Integrated Tourism Development project. This project was worth $70 million, this project is expected to improve tourism. Including tourism-related infrastructure, improved management for sustainable tourism and development of tourism assets. Additional $65 million agreement is inked by World Bank for Central Asia-South Asia Electricity Transmission and Trade project. This project is aimed to create sustainable trade conditions in 1,300 megawatts among Central Asian countries and South Asian countries.
These five agreements worth $787 millionare signed between the World Bank and Pakistan are expected to resolve andsupport the development program of the government of Pakistan.