WB approves $535m for Pakistan by News desk 31 mins ago in Top News

The World Bank’s Board of Executive Directors has approved $535 million in financing for Pakistan to support two projects, according to a statement released by the institution on Friday.

The additional financing for the Crisis Resilient Social Protection Programme (CRISP) aims to strengthen Pakistan’s social protection system and enhance resilience among poor and vulnerable households.

Simultaneously, the Sindh Livestock and Aquaculture Sectors Transformation Project will promote climate-smart and competitive small and medium producers in the livestock and aquaculture sectors in Sindh.

Najy Benhassine, World Bank Country Director for Pakistan, highlighted the importance of building resilience against disasters, referencing the catastrophic floods that hit Pakistan in 2022. “The catastrophic floods that hit Pakistan in 2022 were a tragic reminder of the importance to build resilience to such disasters, including by strengthening both social protection and sectors that support economic growth and recovery,” Benhassine said. “It is also imperative to help the vulnerable absorb climate shocks through innovative climate-smart technology and contingency planning.”

The additional financing of $400 million for CRISP will enhance the programme’s ongoing efforts to strengthen Pakistan’s social protection system. The focus will be on establishing the policy and delivery system foundations necessary for more effective and rapid responses to future crises. The programme will emphasize long-term policy actions to improve the effectiveness, coverage, and federal-provincial coordination of the national cash transfer program.