Agreements worth US $ 432.7 million signed with WB

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APP87-30 ISLAMABAD: March 30 - Finance Minister, Senator Mohammad Ishaq Dar witnessing signing of agreements with World Bank at Ministry of Finance. APP

ISLAMABAD, March 30 (APP): Finance Minister Senator Mohammad Ishaq Dar
Thursday welcomed the agreements worth US $ 432.7 million signed with the World Bank (WB), saying these would support financial sector, social
protection, community and Small and Medium Enterprises (SME) development, livelihood and community infrastructure and services.
Secretary, Economic Affairs Division Tariq Mahmood Pasha signed the
loans and grants agreements on behalf of government of Pakistan while project agreements were signed by the representatives of government of Khyber Pakhtunkhwa (KP) and Federally Administered Tribal Areas (FATA) Secretariat, a statement said.
Acting Country Director Anthony Cholst signed the agreements on
behalf of the WB.
Dar appreciated the WB’s support for government’s
endeavors to achieve sustainable and inclusive economic development of the
country.
He said the government had taken a number of measures in line
with its 4-Es manifesto that envisioned development of economy, energy, education and fight against extremism.
He particularly mentioned series of reforms undertaken by the
government to improve macroeconomic stability and putting the economy on a higher growth trajectory.
Anthony Cholst said the agreements would strengthen the
financial sector, bring about improvement in the Benazir Income Support Programme (BISP) and also contribute to economic development in different areas in the KP and FATA.
As per agreements signed, US $ 301.6 million are earmarked for meeting
the development objectives of `Growth Development Policy Financing’.
The objectives will be achieved through improving access to finance,
fostering long-term finance and enhancing transparency of the financial sector.
Social Safety Net, BISP, has been provided US $100 million under the
agreements with the objective to strengthen the social safety net systems for the poor to enhance their human capital and access to complementary services.
The program will support three elements of Pakistan’s Income Support
System, the Basic Cash Transfer Programme, delivered by the BISP.
The Waseela-e-Taleem (WeT) programme to incentives primary school
enrolment of BISP beneficiary families’ children.
The facilitation support to improve the BISP beneficiaries’ access to
complementary services.
Under MDTF grant agreements worth US$ 31.1 million for KP, FATA and
Balochistan, the following projects will be delivered.
Rural Livelihood and Community Infrastructure Project (RLCIP) US$ 8.1
million, The project aims to improve livelihood and access to basic service
infrastructure in selected agencies in FATA and to support Temporarily
Displaced Persons (TDPs) in the process of rehabilitation as they return back to their homes.
Economic Revitalization for Khyber Pakhtunkhwa and FATA (ERKF) Project
US$ 19.0 million, the objective of the project is to support the government in the economic recovery and revitalization of the crisis affected areas of KP and FATA by creating sustainable employment opportunities through rehabilitation of SMEs, generating private sector investment, and laying the foundations for the future development of selected economic sectors.
Southern Areas Development Project for Khyber Pakhtunkhwa US$ 4.0
million, the project aims to reach the un-served and underserved communities
including women, youth and ultra-poor in the three Southern districts of
KP, support them by investing in community development, community driven investment, strengthening local groups, improving access to social and productive infrastructure and providing context-based livelihood
opportunities.