Tag Archives: Wb

WB grants $22m to Afghanistan

Afghanistan’s Ministry of Finance and the World Bank (WB) signed a $22 million grant from the World Bank’s International Development Association (IDA) for the Afghanistan New Market Development Project. The grant will

WB vows to support business activity

“The productivity of the business and industrial sector is very low in Pakistan compared with that of India and Bangladesh. Therefore, World Bank (WB) has a plan to prepare Country Economic Memorandum

Finance minister to meet WB, IMF officials

WASHINGTON – Finance Minister Dr Abdul Hafeez Sheikh is expected to highlight Pakistan’s progress towards economic reforms, export trajectory, growth prospects and the importance of international partnership in the country’s development in a series of talks at annual World Bank (WB) and International Monetary Fund (IMF) meetings.
The finance minister will lead a team of Pakistan’s top economic managers at spring meetings that bring together leaders of the world finance and heads

WB team calls on NetSol

LAHORE – A team of World Bank (WB) economic experts has visited NetSol Technologies to prepare a case study on the organisation’s notable success story. Former Finance Minister and World Bank Vice President Shahid Javed Burki led the team which included Senior Economist for South Asia Region Eric D Manes, and Lead Economist for Morocco and Algeria Jose R Lopez-Calix. The purpose of this visit was to discuss the challenges and opportunities facing Pakistan’s IT industry and to

WB okays $400m for education in Pakistan

ISLAMABAD/KARACHI – The World Bank has approved an assistance of $400 million to help Pakistan improve access, quality, and relevance of education at all levels.
A news release issued by the bank said $300 million equivalent credit for the tertiary education support project would finance the government’s tertiary education development programme, and would leverage an estimated investment of approximately $1.7 billion in additional resources from the government.
The Punjab

SSGC to check gas losses with WB loan

KARACHI – With the assistance of a $200-million loan from the World Bank (WB), the Sui Southern Gas Company (SSGC) intends to implement WB’s Natural Gas Efficiency Project for the purpose of reducing unaccounted-for gas (UFG) [gas loss through leakage and other reasons].
Under this project, the SSGC would replace approximately 5,750km of distribution pipeline – excluding the main supply line – during the next five years along with overhead and underground leak survey, and

WB issues first yuan bond

BEIJING – The World Bank has issued its first yuan-denominated bond in a move that will help China as it tries to increase the use of its currency in global markets.
The Washington-based lender said on Tuesday that it would raise 500 million yuan from the two-year bond issued on Hong Kong’s yuan-denominated bond market.
The move will “further deepen the market and permit investors to diversify their currency holdings and expand renminbi exposure”, the World Bank said in a

WB team discusses projects with Shahbaz

LAHORE: A World Bank delegation, led by Country Director Rachid Benmessaoud, called on Punjab Chief Minister Muhammad Shahbaz Sharif here on Friday and discussed with him implementation of various ongoing WB programmes as well as cooperation in several sectors.
Provincial Minister for Education Mian Mujtaba Shuja-ur-Rehman, Chief Secretary Nasir Khosa, Planning & Development chairman and secretaries of housing, finance, agriculture, health, irrigation and communication and works

Pakistan seeks $3b additional financing from WB and ADB

Pakistan has asked the World Bank (WB) and the Asian Development Bank (ADB) to provide $3 billion in additional financing instead of diverting the funding by reprioritising the existing projects for the country, State Minister for Finance and Economic Affairs Hina Rabbani Khar said on Thursday.
Addressing a press conference, the minister said that project loans already approved by both institutions were in the pipeline and their reprioritisation could affect the