International loans / Grants Updates

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World Bank indicates $2bn disbursement to Pakistan during FY24​

• Finance Minister Dr Shamshad Akhtar reaffirms Pakistan values its development collaboration with the bank

BR
September 9, 2023

 

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International Finance Corporation doubles investments in Pakistan to $1.5bn​

Country manager says institution wants to increase focus on facilitating access to finance, supporting export-oriented industries.

 

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IMF programme: Govt will deliver to secure $700m under SBA: Shamshad​

Business Recorder
Sep 29, 2023

ISLAMABAD: The caretaker government will deliver on the International Monetary Fund (IMF) programme to secure $700 million under the SBA and on external financing requirements, the interim government is working to secure concessional funding from multilaterals (WB, ADB, IsDB) of $6.3 billion and bilateral assistance of around $10 billion from China and KSA as well as oil facility on deferred payment.

While briefing the Senate Standing Committee on Finance presided over by Saleem Mandviwalla, Dr Shamshad Akhtar said structural reforms agreed with the IMF are for the country’s own economic interest and not for the Fund. “We are here for the short-term and want to ensure continuity,” she added.

She explained to the committee that speculation of dollars has been arrested subsequent to the government action to prevent the smuggling of dollars.

However, the minister said that it would be ambitious to bring down the inflation given the increase in the prices of commodities in the global market. Additionally, the caretaker finance minister said that the depreciation of the rupee has been a major reason for record inflation.

 

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Asian Development Bank approves $250mn for power transmission network​

• ADB says Power Transmission Strengthening Project will help reinforce stability of national grid

BR
November 17, 2023

 

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IMF urges govt to revive five-year development planning​

IMF asks Pakistan to develop a five-year strategy by December 2024 to identify major projects across all sectors and funding sources.

 

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ADB approves $400mn concessional loan for Sindh Emergency Housing Reconstruction Project​

• Says project is key part of its multifaceted response to Pakistan’s flood crisis and forms part of the bank's commitment to provide $1.5bn in total assistance from 2023 to 2025

 

[ghazi52]

ADB to provide $2bn in annual assistance to Pakistan for climate resilience over next 3 years​

Dawn.com
September 18, 2024

President of Asian Development Bank, Mr Masatsugu Asakawa, called on President Asif Ali Zardari, at Aiwan-e-Sadr, Islamabad on September 17, 2024 — PID

The Asian Development Bank (ADB) has announced that it will provide $2 billion in annual assistance to Pakistan over the next three years to support infrastructure development and climate-resilient initiatives.

In 2022, massive floods triggered by climate change devastated several parts of Pakistan, killing 1,700 people, washing away swathes of agricultural land, affecting 33 million people, and incurring losses worth $30 billion, according to government estimates.

A report by the Policy and Strategy Committee (PSC) and the Oversight Board on Post-Flood Reconstruction Activities showed last week that the country had only received $10.9bn from international development partners out of the total estimated loss for post-flood reconstruction work, leaving a $19.1bn shortfall that has halted the rehabilitation of flood-affected communities in three provinces.

 

[ghazi52]

Germany pledges €20m for ‘billion tree’ project​

Amin Ahmed
November 3, 2024

ECONOMIC Affairs Division Secretary Dr Kazim Niaz and German Development Bank Director Esther Gravenkotter sign the agreement for the second phase of Billion Tree Afforestation Project.—APP

ISLAMABAD: Germany will provide 20 million euros to Pakistan for the second phase of ‘Billion Tree Afforestation Support Project’ (BTASP).

An agreement for the financial support was signed in Islamabad on Saturday. Economic Affairs Secretary Dr Kazim Niaz and Director of German Development Bank KfW Esther Gravenkotter signed the agreement.

The first phase of BTASP is already under implementation in partnership with the Khyber Pakhtunkhwa Climate Change, Forestry, Environment and Wildlife Department.

It will support the protection and sustainable management of forests in KP. The project will focus on new plantation on 10,000 hectares, capacity building of forest departments, and developing a management information system.

The project will support nature-based livelihoods generation geared to alleviate poverty. Moreover, it will promote women’s economic empowerment and participation in decision making processes.

 

[HaiderAfan]

Germany pledges €20m for ‘billion tree’ project​

Amin Ahmed
November 3, 2024

ECONOMIC Affairs Division Secretary Dr Kazim Niaz and German Development Bank Director Esther Gravenkotter sign the agreement for the second phase of Billion Tree Afforestation Project.—APP

ISLAMABAD: Germany will provide 20 million euros to Pakistan for the second phase of ‘Billion Tree Afforestation Support Project’ (BTASP).

An agreement for the financial support was signed in Islamabad on Saturday. Economic Affairs Secretary Dr Kazim Niaz and Director of German Development Bank KfW Esther Gravenkotter signed the agreement.

The first phase of BTASP is already under implementation in partnership with the Khyber Pakhtunkhwa Climate Change, Forestry, Environment and Wildlife Department.

It will support the protection and sustainable management of forests in KP. The project will focus on new plantation on 10,000 hectares, capacity building of forest departments, and developing a management information system.

The project will support nature-based livelihoods generation geared to alleviate poverty. Moreover, it will promote women’s economic empowerment and participation in decision making processes.

Germany has pledged €20 million to support the second phase of Pakistan's Billion Tree Afforestation Support Project (BTASP). This financial agreement was finalized in Islamabad on November 2, 2024, with the signing conducted by Dr. Kazim Niaz, Pakistan's Economic Affairs Secretary, and Esther Gravenkotter, Director of the German Development Bank (KfW).

Key Details:​

• Project Objectives: The second phase of BTASP aims to enhance the protection and sustainable management of forests in Khyber Pakhtunkhwa (KP). The project will focus on planting trees across 10,000 hectares, improving the capacity of forest departments, and developing a management information system.
• Community Impact: In addition to environmental goals, the project is designed to foster nature-based livelihoods that could help alleviate poverty. It also emphasizes women's economic empowerment and their involvement in decision-making processes related to environmental management.
• Current Phase: The first phase of BTASP is already underway, collaborating with the KP Climate Change, Forestry, Environment, and Wildlife Department. This initial phase has laid the groundwork for further expansion and enhancement of forest management practices in the region.

Conclusion​

Germany's commitment of €20 million reflects a strong partnership between Germany and Pakistan in addressing climate change and promoting sustainable development. The Billion Tree Afforestation Support Project not only aims to combat deforestation but also seeks to improve local livelihoods and empower communities, particularly women, in environmental stewardship. This initiative is part of Pakistan's broader efforts to enhance its forestry resources and contribute to global climate goals.

 

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World Bank approves $240mn for WASH services in Karachi​

Financing to support investments in water, sanitation services

BR Web Desk
December 13, 2024

The World Bank approved $240 million in financing for the Second Karachi Water and Sewerage Services Improvement Project (KWSSIP-2). The project is aimed at providing safely managed water, sanitation, and hygiene (WASH) services in Karachi.

According to a statement released by the World Bank on Friday, KWSSIP-2 will be co-financed by the Asian Infrastructure Investment Bank (AIIB) with $240 million. In addition, there will be a government contribution of $250 million and expected private sector and commercial finance of $269 million.

“Safely managed WASH services are the foundation of public health and quality of life and are central to addressing the stunting crisis in Pakistan,” said Najy Benhassine, World Bank Country Director for Pakistan.

“KWSSIP-2 will expand the scope of investments in bulk water augmentation, water treatment, wastewater treatment and reuse, water distribution, and sewer network rehabilitation. About half of all beneficiaries will be women, 58% will be youth (age 15–24), as well as over half a million people in Katchi Abadis (informal settlements).”

 

[ghazi52]

World Bank, govt join hands to woo investment in Discos​

Amin Ahmed
December 15, 2024

ISLAMABAD: The World Bank is currently working with the government to invite private sector participation in the distribution sector, starting with the best-performing power distribution companies (Discos).

The success of this initial initiative could pave the way for the private sector participation in under-performing Discos. However, Discos’ poor financial health remains a significant barrier.

An Asian Development Bank (ADB) report on the power distribution strengthening project says to attract private investment and ensure the success of private sector participation, addressing these underlying problems within the Discos will be critical.

The government has rigorously pursued various options for private sector participation in the distribution sector, but these efforts have faced significant opposition from stakeholders concerned about job losses, increased tariffs, and the potential loss of control over a critical sector. Potential investors have also expressed concerns about the lack of clarity in regulations, tariff mechanisms, and the legal environment.