World Bank disburses $3.4bn for 23 projects

The World Bank (WB) has disbursed $3.4 billion against the 23 projects worth $7.8 billion.

World Bank Country Director Najy Benhassine shared this with the Economic Affairs Division Minister Omar Ayub Khan, who chaired a high-level meeting to review the progress on different projects funded by the World Bank. 

WB Country Director, briefed the Minister that currently, 54 projects are being implemented under WB’s financing of $12.4 billion across the country. Out of 54 projects, 23 projects worth $7.8 billion are being implemented by the Federal Government against which $3.4 billion has been disbursed so far. 

During the meeting, projects related to the energy sector were given special focus including National Transmission Modernization Project, Tarbela Fourth Extension Hydropower Project and Dasu Hydropower Project.

The Minister directed to expedite the implementation of Islamabad West Substation which is an important link to evacuate power from Dasu Hydropower Project. It was noted that the new security arrangements have been put in place and overall implementation progress of Dasu Hydropower Project has been improved as 11 major contracts amounting to $3 billion have been awarded including electro-mechanical works.

The World Bank team informed the Minister that the National Immunization Support Project is heading toward its successful completion in June 2022. 

Second round of Third-Party Vaccination Immunization Coverage Survey will be conducted in April 2022, based on which funds can be disbursed for DLI related payments.

Other projects including Pakistan Housing Finance (Additional Financing), Resilient Institutions to Sustainable Economy (RSE-II), National Health Support Program and Program for Affordable & Clean Energy (PACE-II) were also discussed in the meeting. 

The Minister also directed the EAD officials to set up a project management unit in the division with the assistance of World Bank and Asian Development Bank for effective and efficient monitoring of the development projects. 

The Minister emphasized on designing a substantial program to track the outcomes of ongoing projects. The Minister further directed the relevant authorities to identify the critical path and set timelines for expeditious implementation of all the foreign-funded projects.

 

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