Friday June 5, 12:38 PM
World Bank: 900 mln dollar aid package to Pakistan
The World Bank on Thursday said it approved an aid package worth 900 million dollars for Pakistan, the bulk aimed at educational projects.
The assistance will help Pakistan "improve education in Punjab and Sindh Provinces and ... further scale up a community driven development project that is already active in some 35,000 villages throughout the country," the Bank said in a statement.
The credits from the International Development Association, the World Bank's concessionary lending arm that specializes in helping the world's poorest 78 countries, carry a 0.75 percent service fee, a 10-year grace period, and a maturity of 35 years.
"Even where there have been gains in student enrollment as in Punjab and Sindh, these have yet to translate into improved student learning," World Bank country director for Pakistan Yusupha Crookes said in the statement.
A 350 million dollar package was approved for the Punjab province and a 300 million dollar package approved for the Sindh province.
The aid will help education by focusing on "improving governance, management, and capacity in education -- which are at the heart of both the provincial governments' reform strategies," Crookes said.
The Bank also approved 250 million dollar package for an anti-poverty program that has received 646 million dollars from the World Bank since 2000.
The program, which has reached more than 2.5 million people, includes funds for micro-credit loans and skills and enterprise development training.
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