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World Bank offers $2 billion aid to Pakistan

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Islamabad: World Bank has offered a $2 billion assistance package to Pakistan, a media report said on Tuesday.

Photo credit: www.thenewstribe.com
Photo credit: www.thenewstribe.com

Prime Minister Nawaz Sharif talked to World Bank Managing Director Sri Mulyani Indrawati, welcoming the bank’s cooperation in the country’s economy, education and energy sectors, Radio Pakistan reported.

Sharif discussed with the director and proposed initiatives of regional connectivity through rail and road links in the region.

He referred to projects about improving and building rail and road links from Karachi and Gwadar to Turkmenistan city of Tirmiz, where Central Asian States including Turkmenistan, Uzbekistan, Afghanistan and Tajikistan have borders at short distances.

Indrawati assured Bank’s support for the proposed initiative and offered International Bank for Reconstruction and Development assistance package of two billion dollars over a period of four years.

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World Bank Approves $310 Million Loan for Sri Lanka to Reduce Flood Risks

Evidence suggests flood frequency will increase

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The World Bank said in a statement that the Climate Resilience Multi Phase Programmatic Approach project in the island was the first of a three-phase investment programme. Pixabay

 The World Bank has approved a $310 million loan for Sri Lanka to reduce and mitigate the flood risks in parts of the capital and improve weather forecasting as well as early warning systems across the island country, the media reported on Thursday.

The World Bank said in a statement that the Climate Resilience Multi Phase Programmatic Approach project in the island was the first of a three-phase investment programme totalling $774 million which will be implemented over eight years.

Evidence suggests flood frequency will increase and nearly 87 per cent of Sri Lankans are living in areas which are likely to experience extreme temperatures and rainfall that will impact their lives, the statement cited by Xinhua news agency said.

“This comprehensive climate resilience programme will reduce losses to people’s livelihoods and public assets while reducing shocks on the economy,” said Idah Z. Pswarayi-Riddihough, World Bank County Director for Nepal, Sri Lanka and Maldives.

World Bank, Sril Lanka, Flood
The World Bank has approved a $310 million loan for Sri Lanka to reduce and mitigate the flood risks in parts of the capital. Pixabay

“Compelling evidence has informed this long-term programme which will help the government build socially responsive infrastructure and communication systems to protect lives and assets,” she added.

The programme aligns with the government’s plans to ensure fiscal and physical resilience and reduce the vulnerability of Sri Lanka’s economy in the aftermath of the 2016 and 2017 floods.

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The new forecasting systems are expected to benefit the entire nation, including 3.5 million beneficiaries living in flood-prone areas in 25 river basins. (IANS)