World Bank plans to provide $20 billion in funding to Pakistan over 10 years

 Wednesday, January 15, 2025

Islamabad (Point News Today / Pakistan Point News - 15th January, 2025 ) : Pakistan's Prime Minister Shehbaz Sharif on Wednesday, January 15, welcomed a first-of-its-kind agreement with the World Bank, which aims to focus the economically struggling country on $20 billion in loans over the next decade for development issues such as climate change mitigation and private sector development.

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Prime Minister Shehbaz Sharif wrote in a post on the social media platform X that the World Bank has announced a project called the 'Country Partnership Framework', according to which the global organization has pledged to provide $20 billion for projects such as green energy and tackling climate change.

The ten-year cycle will begin in 2026.

In this regard, a statement issued by the World Bank said that policy and institutional reforms will be important in the context of this project to promote private sector development and increase the financial capacity of the government to invest in key sectors.

Zeeshan Sheikh, Country Manager for Pakistan and Afghanistan at the World Bank’s International Finance Corporation, said in a statement, “We are focusing on prioritizing investment and advice, which will help Pakistan attract much-needed private investment in key sectors such as energy and water, agriculture, access to investment, manufacturing and digital infrastructure for sustainable development and job creation.

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The World Bank has currently pledged $17 billion to Pakistan for 106 projects.

Pakistan has been struggling with an economic crisis for the past several years, and economists and international financial institutions have been calling for major economic reforms.

Pakistan is currently involved in a $7 billion bailout program from the International Monetary Fund (IMF), under which it is necessary to increase government revenues.