World Bank okays nearly $150m loan

The World Bank has approved nearly $150 million in loans for two projects, including $72 million in additional funding for a scheme plagued by delays and loan cancellations. The Board of Directors of the World Bank approved the Digital Economy Enhancement Project costing $78 million amid a ban on the use of X platform in Pakistan. The Washington-based lender also approved additional financing of $71.7 million for the Sindh Barrages Improvement Project, according to a press statement issued by the WB local office. “The catastrophic floods that hit Pakistan in 2022 were a tragic reminder of the importance of building resilience to such disasters, including by strengthening barrages and their management,” said Najy Benhassine, World Bank Country Director for Pakistan. He stressed that supporting the growing digital economy in Pakistan is crucial for economic and social development, broadening connectivity, and providing access to government and financial services for citizens and entrepreneurs, particularly women.