WB approves two programmes worth USD 800 million for Pakistan
Wednesday June 30, 2021
Islamabad: The World Bank (WB) board of executive directors on Tuesday approved two programmes worth USD 800 million for Programme for Affordable and Clean Energy (PACE) and the Second Securing Human Investments to Foster Transformation (SHIFT II), news sources reported. The Country Director WB Najy Benhassine said that the programmes are focused on attaining sustainable growth and increased development activities and ensuring the welfare of the people most in need. According to the details, PACE is focused on the sustainable Energy development program that will receive USD 400 million to smooth the transition to low carbon energy resources, support the energy sector in identifying the areas of improvement and power distribution through a public-private partnership. The Second Securing Human Investments to Foster Transformation (SHIFT II) will receive USD 400 million and would be focused on enhancing service delivery, promoting education, increasing and expanding revenue streams, and upgrading health care facilities for human capital accumulation. Furthermore, WB stated that the initiatives, particularly SHIFT II, are aimed at enhancing inclusive growth by increasing women’s involvement in economic activities, as well as better preparing the government for uncertain situations, economic shocks, and difficulties such as COVID-19.
