Financing agreements worth $400mn signed with World Bank

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ISLAMABAD: Economic Affairs Division here on Tuesday signed two financing agreements worth $400 million with the World Bank Group. These include Punjab Cities Programme ($200 million) and Punjab Green Development Programme ($200 million).

The Economic Affairs Division Secretary, Syed Ghazanfar Abbas Jilani signed the financing agreements on behalf of the Government of Pakistan while representatives of the Government of Punjab signed their respective program/operation agreements. World Bank Country Director Patchamuthu Illangovan signed the financing and program/operation agreements on behalf of the World Bank.

Punjab Cities Programme aims to strengthen the performance of participating urban-local governments in urban management and service delivery. The programme will support the operation implementing entity’s implementation of its Performance-Based Grants (PBG) programme to selected 16 MCs for strengthening their institutional performance and the carrying out of eligible infrastructure investments.

The objectives of the Punjab Green Development Programme are to strengthen environmental governance and promote green investments in Punjab province. Activities under the first results area will aim to restructure the Environment Protection Department (EPD), reform the environmental regulatory regime, and build the EPD’s capacity to deliver transparent and efficient environmental management services to the private sector and to the public. Activities under the second results area aim to promote selected green investments in both the public and private sectors and develop green financing schemes to finance such investments beyond the implementation period of this program.

The Secretary, Economic Affairs Division thanked the World Bank for extending its continuous support to the Government of Pakistan in its efforts to achieve sustainable development in the country.

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