The World Bank has approved a $ 722 million loan to Pakistan, which will be used primarily to improve civic and public transport facilities in Karachi.
The World Bank was committing $652 million through three projects to strengthen institutions, municipal services and infrastructure in Karachi, according to a handout that the local office of the Washington-based lender issued on Friday. The board of directors of the World Bank approved the loan on Thursday.
The World Bank has committed $ 652 million for three projects to strengthen institutions, municipal services and infrastructure in Karachi, according to a brochure released on Friday by the local office of the Washington-based lender. The World Bank board of directors approved the loan on Thursday.
The World Bank also approved another loan of $70 million for improving tourism services in Khyber-Pakhtunkhwa (K-P)..
Projects in Karachi will focus on urban management ($230 million loan), public transport ($382 million loan), clean water and sanitation to improve their quality of life and competitiveness ($40 million Loan), the World Bank said in its statement.
The projects were approved in light of the findings of the Karachi Transformation Strategy, which estimated that the infrastructure required an expenditure of $ 9 billion to $ 10 billion over 10 years for the city to develop.