Arab Today, arab today wb likely to approve 12m loan for fata project
Last Updated : GMT 05:12:11
Arab Today, arab today
Arab Today, arab today

WB likely to approve $12m loan for Fata project

Arab Today, arab today

Arab Today, arab today WB likely to approve $12m loan for Fata project

Islamabad - Arabstoday

The World Bank (WB) has decided to provide financing of $12 million for a rural livelihoods and community infrastructure project in the Federally Administered Tribal Areas (Fata) focused on improving access to basic service infrastructure in selected agencies of the tribal areas.Official sources said that the executive board of the bank is expected to give its approval to the project by the end of next month. The project is being processed as an emergency operation under the Multi-Donor Trust Fund (MDTF).The project aims to improve the well-being of un-served and underserved low income communities starting with two agencies Mohmand  and Bajaur and possibly in cluster of villages in the southern agencies that are becoming accessible after military operation and  where families are being facilitated by the government to return and re-establish their livelihoods.Meanwhile, the World Bank Executive Board extended the Country Partnership Strategy (CPS) for Pakistan for another year stating that economic, political and security challenges have validated the urgent need to extend the programme till June 2014.The bank’s progress report of “Pakistan Country Partnership Strategy” (2010-13) points out that the unprecedented floods in 2010 and 2011, coupled with continuing security issues and slow economic reform, as well as increased devolution of responsibilities to the provinces, posed critical challenges, which required an adjustment to the bank’s programme involving an emergency response to floods and a deepened engagement with the provinces.Shifting the focus and resources in response to the floods led to a delay in infrastructure investments. In addition, the scheduled policy lending could not materialise, though the bank remained engaged in key economic issues such as revenue mobilisation and power reforms through non-lending technical assistance, it says.The partnership remains centred on the existing strategic pillars of the CPS economic governance, human development and social protection, infrastructure, and security and conflict risk reduction. In consultation with the government, the CPS period would be extended to include fiscal year 2014.

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