World Bank Approves $535 Million in Financing for Pakistan

Islamabad: The World Bank's Board of Executive Directors has approved $535 million in financing for Pakistan to support two projects.

The additional funding for the Crisis Resilient Social Protection (CRISP) Program aims to strengthen Pakistan's social protection system and enhance resilience against economic and climate-related shocks for poor and vulnerable households. Meanwhile, the Sindh Livestock and Aquaculture Sectors Transformation (LIVAQUA) Project will promote climate-smart practices among small and medium producers in Sindh's livestock and aquaculture sectors.

Najy Benhassine, World Bank Country Director for Pakistan, emphasized the importance of building resilience against disasters like the 2022 floods, highlighting the need for effective social protection systems and sustainable economic sectors.

The CRISP program, boosted by an additional $400 million, aims to improve the national cash transfer program's effectiveness and coverage, ensuring rapid response capabilities during crises. It has already supported over 9 million families and swiftly assisted 2.8 million families during recent floods.

The LIVAQUA Project, funded with $135 million, will enhance sector policies, promote climate-smart production, and improve market access for farmers. It targets over 940,000 farm families in Sindh, aiming to strengthen food security and reduce greenhouse gas emissions.

Since joining the World Bank in 1950, Pakistan has received over $46 billion in support, with a current portfolio of 55 projects totaling $14.7 billion committed.