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Sunday June 16, 2024

World Bank assures Pakistan of assistance for long-term development

World Bank South Asia VP appreciates existing collaboration with Pakistan and its relevant government agencies

By Business Desk
March 14, 2023
The World Bank headquarters in Washington. — AFP/File
The World Bank headquarters in Washington. — AFP/File

World Bank Vice President for the South Asia Region Martin Raiser Tuesday assured Pakistan of optimising its cooperation in the years to come appreciating the existing collaboration with the country and its relevant government agencies.

Raiser said that World Bank remains committed to Pakistan’s long-term development with emphasis on transitioning to renewable energy, especially hydro and solar power.

Raiser's commitment came during his meeting with Pakistan's Ambassador to the United States Masood Khan in Washington to advance cooperation in the development and climate response sectors.

In the meeting, Khan thanked the international financial institution for releasing around $1.2 billion of committed funds for various ongoing projects in Pakistan.

"Smooth flow of funds would ensure timely completion of social sector schemes," he said.

During his visit to Pakistan earlier in September last year, Raiser reaffirmed the bank’s commitment to supporting the people of Pakistan in wake of catastrophic flooding. He also co-chaired a high-level round table, on October 14 last year, with the United Kingdom on how to respond to the impacts of the floods in Pakistan on the sidelines of the 2022 Annual Meetings of the World Bank and International Monetary Fund.

Pakistan's Ambassador thanked the global lender for contributing US$ 2 billion towards flood recovery, rehabilitation and reconstruction during International Conference on Climate Resilient Pakistan in Geneva which would cover support for housing, water and agriculture, social protection and health, among others.

“The World Bank has been a resolute development partner of Pakistan,” Khan added.

The ambassador requested the bank for additional financing and assistance for health-related projects, especially to address the issue of water-borne diseases in areas impacted by floods. He also solicited the World Bank’s support in transitioning from adaptation and mitigation to building resilience.

"Pakistan was committed to ensuring a transparent and effective mechanism for disbursement of funds for the flood affectees," Khan said, adding that the establishment of the International Partners Support Group (IPSG) would soon be announced for this purpose.