Pakistan, World Bank evaluate financing of $10.4 billion ongoing projects

The WB-portfolio for Punjab and KPK were reviewed on Friday.

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Pakistan and the World Bank (WB) have reviewed the WB financing of ongoing portfolio projects in Pakistan worth $10.4 billion for 52 projects in a meeting.

According to a press release, the Minister for Economic Affairs, Makhdum Khusro Bakhtyar, directed a high-level Portfolio Review Meeting of World Bank-funded projects in Pakistan at the Ministry of Economic Affairs.

The meeting was attended by The Country Director of the World Bank and relevant federal and provincial senior officials through a video link.

The World Bank’s financing for federal development projects amounts to $ 6 billion. The Bank is providing $ 1.9 billion to Sindh, $ 1.9 billion to Punjab, $ 0.4 billion to Khyber Pakhtunkhwa (KPK), and US$ 0.2 billion to Balochistan.

(AFP/File)

The WB-portfolio for Punjab and KPK were reviewed on Friday.

The main objective of the 3-days portfolio review meetings is to assess the progress of ongoing WB-funded projects and discuss implementation issues.

Moreover, the other objectives include suggesting remedial measures to tackle those issues promptly to ensure smooth implementation of projects and maximize disbursements in provinces.

Moreover, pipeline projects are also being discussed to ensure their alignment with national priorities, readiness, and timely approval of PC-Is/IIs.

On the last day of the portfolio review, the projects related to tourism, irrigation, climate change, skill development, education, urban city development, and economic revitalization programs came under discussion.

During the portfolio review, the Minister for Economic Affairs highlighted the government priorities, especially in tourism, education, infrastructure development, and environment-friendly projects.

The Minister also directed the lined departments to remove the impediments and expedite the pending actions to ensure timely implementation.

The World Bank country director, Najy Benhassine, thanked Minister Khusro Bakhtyar for the portfolio review exercise, which lasts for three consecutive days.

He also appreciated the government’s resolve to expedite the process of execution of WB-funded projects.

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