World Bank to invest $20 bln in Pakistan over 10 years

ISLAMABAD: Prime Minister of Pakistan Shehbaz Sharif has launched the World Bank’s Country Partnership Framework, under which the World Bank will invest $20 billion in Pakistan over the next 10 years, here on Thursday.

As per the details, the inaugural ceremony was held in Islamabad, where the prime minister and other speakers addressed the audience.

In his speech, Shehbaz Sharif described the launch as a historic and joyous occasion, highlighting the joint efforts of Pakistan’s “dream team” with the World Bank to create the partnership framework. He thanked the World Bank President for his continued support in various areas.

The 10-year partnership framework focuses on six key areas, including development in the IT sector. The prime minister noted that these reforms should have been implemented decades ago.

He stressed the World Bank’s confidence in Pakistan’s system, acknowledging the bank’s support in areas such as hydropower, energy and institutional reforms. The program will invest $20 billion, covering areas such as education, health and addressing the impacts of the 2022 climate disaster.

The framework also includes measures to achieve educational goals and promote public-private partnerships. Furthermore, the program will encourage private investment with a funding of $20 billion.

Shahbaz Sharif expressed his belief that the dedication and hard work in formulating this program, along with its effective implementation, will take Pakistan to new heights and make the country truly great.