World Bank will finance two mega projects in Punjab worth $400 million. A deal was signed between the Economic Affairs Division and World Bank on Tuesday. It was decided that World Bank will finance Punjab Cities Programme worth $200 million and Punjab Green Development Programme worth another $200 million in the province.
The agreement was signed by Secretary, Economic Affairs Division Syed Ghazanfar Abbas Jilani on behalf of the Pakistan Government and the Punjab Government representatives signed their respective programs.
On behalf of the World Bank the Country Director, World Bank Patchamuthu Illangovan signed the Financing and Program and Operation Agreements.
The aim of the Punjab Cities Programme is to improve the urban local government’s performance in urban development, management, and service delivery.
This programme will help the implementation Performance-Based Grants (PBG) of Operation Implementing Entity. The goal is to strengthen the performance of the institutions to carry out suitable infrastructure investments.
The goal of the second programme invested by World Bank, Punjab Green Development Programme is to improve the environmental governance and encourage green investments in the province.
In the first programme, the aim is to change Environment Protection Department (EPD) for the better. Bring environmental regulatory reforms, deliver effective environmental management services to both the public and private sector.
In the second programme, the aim is to encourage green investments in the public and private sector, develop green financing projects and bring a change in the environment of the area.
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Secretary, Economic Affairs Division was thankful towards World Bank for continuously supporting the Pakistani government to attain sustainable growth in Pakistan.
Previously we also informed our readers that World Bank will give $500 million to Punjab Government in order to restore religious sites, promote religious and cultural tourism and improve the infrastructure at nine religious sites.